THELOGICALINDIAN - Bitcoin is captivation the 9120 and 9200 abutment levels adjoin the US Dollar However BTC is adverse a assemblage of attrition abreast 9400 aloft which it could alpha a able rally
Bitcoin Price is Facing Hurdles
In the accomplished few sessions, bitcoin circumscribed aloft the $9,120 and $9,160 abutment levels adjoin the US Dollar. The contempo beat low was formed abreast $9,161 afore BTC climbed higher.
It bankrupt the $9,200 akin and the 100 alternate simple affective average. The beasts pushed the amount aloft the $9,300 level, but there was a abridgement in the bullish momentum. A aerial is formed abreast $9,331 and the amount is currently acclimation lower.
Bitcoin bankrupt the 23.6% Fib retracement akin of the contempo beachcomber from the $9,161 low to $9,331 high. It seems like there are two bearish trend curve basic with attrition abreast $9,320 and $9,380 on the alternate blueprint of the BTC/USD pair.
There are abounding important hurdles basic for the bulls, starting with $9,320 and up to $9,400. Therefore, it won’t be accessible for them to accretion strength. If they accomplish in allowance both trend curve and $9,400, there are affairs of a abiding advancement move.
In the mentioned case, there are aerial affairs of an upside breach aloft the $9,500 attrition level. The abutting key hurdles are abreast the $9,600 and $9,800 levels.
Fresh Drop in BTC
The aboriginal above abutment is abreast the $9,250 level, the 100 alternate SMA, and the 50% Fib retracement akin of the contempo beachcomber from the $9,161 low to $9,331 high.
If bitcoin fails to break aloft the $9,250 support, it could abide to move bottomward appear the $9,200 support. The capital uptrend abutment is still abreast the $9,120 level, beneath which the bears are acceptable to booty ascendancy in the advancing sessions (as discussed in the account analysis).
Technical indicators:
Hourly MACD – The MACD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied aloft the 50 level.
Major Support Levels – $9,200, followed by $9,120.
Major Resistance Levels – $9,320, $9,380 and $9,400.
