THELOGICALINDIAN - Bitcoin is surging and it afresh activated the 9400 abutment breadth adjoin the US Dollar BTC amount is acceptable to abide college appear 10000 as continued as it is aloft the 100 alternate SMA
Bitcoin Price Could Continue Higher
In the accomplished two sessions, there were beat moves in bitcoin amount beneath $9,800 adjoin the US Dollar. BTC beneath acutely beneath the $9,600 and $9,500 levels, but the $9,400 region acted as a able support.
A low was formed abreast $9,393 and the amount afresh recovered sharply. It bankrupt the $9,500 and $9,600 attrition levels. There was a breach aloft the 50% Fib retracement akin of the contempo abatement from the $9,892 aerial to $9,393 low.
More importantly, there was a breach aloft a key bearish trend band with attrition abreast $9,670 on the alternate chart of the BTC/USD pair. The brace is now trading accurately aloft the $9,700 akin and the 100 alternate simple affective average.
On the upside, an antecedent attrition is abreast the $9,800 akin or the 76.4% Fib retracement akin of the contempo abatement from the $9,892 aerial to $9,393 low. If there is a bright breach aloft the $9,800 resistance, the amount is acceptable to abide college appear the $9,880 and $10,000 attrition levels.
Any added assets aloft the $10,000 attrition zone could accessible the doors for a beginning account aerial aloft $10,400 in the advancing sessions.
Dips Likely Supported in BTC
On the downside, there is a key abutment basic abreast the $9,680 akin and the 100 alternate simple affective average. If the amount fails to break aloft the 100 alternate SMA, it could abide to accelerate appear the $9,500 support.
The capital abutment area is abreast the $9,400 and $9,300 levels, beneath which the bears are acceptable to booty ascendancy and the amount could abatement sharply.
Technical indicators:
Hourly MACD – The MACD is currently affective accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now acclimation lower from the 65 level.
Major Support Levels – $9,680 followed by $9,500.
Major Resistance Levels – $9,800, $9,880 and $10,000.
