THELOGICALINDIAN - Bitcoin is trading accurately in a able uptrend aloft 9300 on the circadian blueprint adjoin the US Dollar BTC is currently adverse a acute barrier at 10000 aloft which it could assemblage significantly
Bitcoin Facing Uphill Task
In the accomplished few days, there was a abiding acceleration in bitcoin amount aloft the $9,000 akin attrition adjoin the US Dollar. BTC amount continued its acceleration aloft the $10,000 akin and acclimatized able-bodied aloft the 100-day simple affective average.
It traded to a new 2-month aerial at $10,390 and afresh adapted lower. There was a breach beneath the $10,200 and $10,000 levels. It alike adapted beneath the 50% Fib retracement akin of the advancement move from the $8,655 beat low to $10,390 high.
However, there is a strong abutment basic abreast the $9,300 level. There is additionally a acute bullish trend band basic with abutment abreast $9,300 on the circadian chart of the BTC/USD pair. The trend band is abutting to the 61.8% Fib retracement akin of the advancement move from the $8,655 beat low to $10,390 high.
If bitcoin fails to break aloft the trend line, it could alpha a abundant downside correction. The abutting key abutment is abreast the $9,000 level, beneath which it could abide lower appear the $8,655 beat low in the advancing days.
Any added losses could advance the amount appear $8,250 or the 1.236 Fib addendum akin of the advancement move from the $8,655 beat low to $10,390 high.
Bullish Break aloft $10,500?
On the upside, an antecedent hurdle for the beasts is abreast the $10,000 level. If bitcoin settles aloft the $10,000 level, it could abide to rise.
The main attrition is abreast the $10,500 level, aloft which the amount is acceptable to accretion 8%-12% in the abreast term. The abutting above hurdle could be abreast the $11,200 level.
Technical indicators:
Daily MACD – The MACD is boring accident drive in the bullish zone.
Daily RSI (Relative Strength Index) – The RSI for BTC/USD is still able-bodied aloft the 50 level.
Major Support Levels – $9,300 followed by $9,000.
Major Resistance Levels – $10,000, $10,500 and $11,200.
