THELOGICALINDIAN - Bitcoin is accepting bullish drive aloft the 9500 and 9600 levels adjoin the US Dollar BTC is acceptable to abide college appear 10000 as continued as it is aloft 9500
Bitcoin is Gaining Traction
This accomplished week, Ethereum amount surged added than 10% and it abject bitcoin aloft $9,500 adjoin the US Dollar. BTC alike climbed aloft the $9,650 attrition and acclimatized able-bodied aloft the 100 simple affective boilerplate (4-hours).
The price traded to a new account high at $9,748 and it is currently acclimation lower. There was a breach beneath the $9,700 level, additional the 23.6% Fib retracement akin of the contempo advancement move from the $9,525 beat low to $9,748 high.
On the downside, there is a able abutment basic abreast the $9,650 akin (the contempo blemish zone). There is additionally a acute bullish trend band basic with abutment abreast $9,650 on the 4-hours blueprint of the BTC/USD pair.
The trend band is abutting to the 50% Fib retracement akin of the contempo advancement move from the $9,525 beat low to $9,748 high. On the upside, the amount is adverse a brace of able hurdles abreast the $9,750 level.
If there is a acknowledged breach aloft the $9,750 and $9,800 attrition levels, the amount is acceptable to abide higher. The abutting above attrition is abreast the $10,000 and $10,200 levels. Any added assets could advance the amount appear the $10,500 level.
Downside Break in BTC?
If bitcoin fails to break aloft the capital $9,650 support, it could extend its downside correction. The abutting above abutment is abreast the $9,500 axis level.
A downside breach beneath the $9,500 abutment akin may conceivably atom a able decline. In the mentioned case, the amount ability accelerate appear the $9,300 abutment zone.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring accident drive in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation lower from the 70 level.
Major Support Level – $9,650
Major Resistance Level – $9,750
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