THELOGICALINDIAN - Bitcoin is bottomward added than 6 and it akin best its assets aloft 10000 adjoin the US Dollar BTC amount is currently captivation the key uptrend abutment at 9300 but it is accessible to a beyond decline
Bitcoin Price Nosedives
After a strong advancement move aloft $10,000, bitcoin amount bootless to abide college adjoin the US Dollar. BTC formed a concise top abreast the $10,366 akin and afresh started a able decline.
It bankrupt abounding supports abreast the $10,000 and $9,740 levels to access into a bearish zone. Moreover, there was a breach beneath a key bullish trend band with abutment abreast $9,735 on the alternate chart of the BTC/USD pair.
Bitcoin amount is now trading able-bodied beneath $9,600 and the 100 alternate simple affective average. It activated the capital uptrend abutment at $9,300 (the antecedent blemish zone) and traded as low as $9,299.
It is currently accumulation losses aloft the $9,300 and $9,400 abutment levels. An antecedent attrition is abreast the $9,550 level. It is abutting to the 23.6% Fib retracement akin of the contempo abatement from the $10,366 aerial to $9,299 low.
It seems like there is a abbreviate appellation application triangle basic with attrition abreast $9,550 on the aforementioned chart. If there is an upside breach aloft the $9,550 level, the amount could face hurdles abreast the $9,600 akin and the 100 alternate simple affective average.
The abutting above attrition is abreast the $9,740 level. The capital hurdle is now basic abreast the $9,800 arena or the 50% Fib retracement akin of the contempo abatement from the $10,366 aerial to $9,299 low.
More Downsides in BTC?
The $9,300 abutment area holds a lot of acceptation in the abreast term. If bitcoin fails to break aloft the $9,300 support, it could atom addition aciculate decline.
An antecedent abutment is abreast the $9,000 level, beneath which there is a accident of a beyond abatement appear the $8,500 and $8,400 levels in the abreast term.
Technical indicators:
Hourly MACD – The MACD is boring affective abroad from the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 40 level.
Major Support Levels – $9,400 followed by $9,300.
Major Resistance Levels – $9,550, $9,600 and $9,740.
