THELOGICALINDIAN - Bitcoin is bottomward added than 5 and it bankrupt the key 9300 abutment area adjoin the US Dollar BTC traded as low as 9089 and it is currently acclimation college appear hurdles
Bitcoin Price Turns Red
After addition crucial bounce abreast the $10,000 level, bitcoin amount started a above bearish beachcomber adjoin the US Dollar. BTC acquired bearish drive beneath the $9,800 and $9,500 abutment levels.
It attenuated added than 5% to achieve beneath the $9,500 akin and the 100 alternate simple affective average. The abatement was such that the amount alike bankrupt the $9,300 support and traded to a new account low at $9,089.
Bitcoin is currently acclimation college and trading aloft the $9,250 level. It surpassed the 23.6% Fib retracement akin of the contempo abatement from the $9,988 aerial to $9,089 low. It seems like there is a abbreviate appellation application triangle basic with attrition abreast $9,340 on the alternate chart of the BTC/USD pair.
The brace could actual added aloft the triangle attrition and $9,350. However, the brace is acceptable to face a lot of hurdles abreast the $9,400 and $9,500 levels (the antecedent key supports).
The abutting key attrition could be abreast the $9,540 akin or the 50% Fib retracement akin of the contempo abatement from the $9,988 aerial to $9,089 low. Any added assets could abatement the bearish burden and the amount ability balance appear the $9,800 resistance.
More Losses in BTC?
Once bitcoin amount completes the accepted alteration beachcomber abreast $9,400 or $9,500, it is acceptable to resume its decline. An antecedent abutment on the downside is abreast the $9,300 level.
The abutting above abutment is abreast the $9,100 level, beneath which there is a accident of added losses beneath the $9,000 handle in the advancing sessions. In the declared case, the amount could revisit $8,800.
Technical indicators:
Hourly MACD – The MACD is boring abbreviation its bearish abruptness and it could move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently convalescent college appear 40.
Major Support Levels – $9,300 followed by $9,100.
Major Resistance Levels – $9,400, $9,500 and $9,540.
