THELOGICALINDIAN - Bitcoin is trading accurately aloft the 9100 and 9200 abutment levels adjoin the US Dollar BTC is basic a acute blemish arrangement and it charge breach 9400 for a abiding advancement move
Bitcoin is Facing Major Hurdles
This accomplished week, bitcoin fabricated an attack to beat the capital $9,500 attrition levels adjoin the US Dollar, but it failed. BTC formed a account aerial at $9,480 and after started a downside correction.
There was a breach beneath the $9,400 and $9,300 abutment levels. The amount alike bankrupt the 50% Fib retracement akin of the advancement move from the $8,912 low to $9,480 high. Finally, the amount acicular beneath the $9,200 support and the 100 simple affective boilerplate (4-hours).
BTC activated the capital $9,120 abutment area, area the beasts appeared. It seems like the 61.8% Fib retracement akin of the advancement move from the $8,912 low to $9,480 aerial acted as a able support.
More importantly, there is a acute blemish arrangement basic with attrition abreast $9,380 on the 4-hours blueprint of the BTC/USD pair. The brace is currently ascent and trading able-bodied aloft the $9,200 and the 100 SMA.
On the upside, an antecedent attrition is $9,350 level. The aboriginal aloft attrition is abreast the triangle attrition and $9,400. A acknowledged breach and abutting aloft $9,400 will best acceptable access the affairs of a abiding advancement move aloft the $9,500 resistance. If the beasts succeed, the price ability ascend appear the $9,600 and $9,800 levels.
Bearish Break in BTC?
If bitcoin struggles to bright the $9,400 and $9,500 attrition levels, there is a accident of a bearish break. The aboriginal above abutment is abreast the triangle lower trend band at $9,200.
The capital abutment is abreast the $9,120 levels, beneath which the bears are acceptable to aim a beyond abatement beneath the $9,000 and $8,800 levels in the advancing days.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring affective in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently ascent and it is aloof aloft the 50 level.
Major Support Level – $9,120
Major Resistance Level – $9,400
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