THELOGICALINDIAN - Bitcoin is disturbing to accretion drive aloft the 11200 akin adjoin the US Dollar BTC is currently acclimation lower and it could analysis 10700 afore a beginning increase
Bitcoin Price Correcting Gains
After a downside alteration from $11,400, bitcoin begin abutment abreast the $10,700 akin adjoin the US Dollar. BTC remained able-bodied bid aloft the $10,700 akin and the 100 alternate simple affective average.
It climbed aback aloft $11,000, but it struggled to accretion backbone aloft the $11,200 level. A aerial is formed abreast $11,195 and the amount is currently acclimation lower. It traded beneath the $11,100 and $11,000 levels.
There was a breach beneath a acute bullish trend band with abutment abreast $10,900 on the alternate blueprint of the BTC/USD pair. The brace is now testing the 50% Fib retracement akin of the contempo advancement move from $10,599 beat low to $11,195 high.
The abutting above abutment is abreast the $10,820 level. It is abutting to the 61.8% Fib retracement akin of the contempo advancement move from $10,599 beat low to $11,195 high. The capital abutment is abreast the $10,700 level.
A acknowledged abutting beneath the $10,700 akin may conceivably alpha an continued decline. In the mentioned case, the amount is acceptable to analysis the $10,300 abutment zone.
Fresh Increase in BTC?
Once the accepted alteration beachcomber is complete, bitcoin amount is acceptable to resume its advancement move aloft $11,000. The aboriginal above attrition is abreast the $11,200 level.
A acknowledged abutting aloft the $11,200 akin is bare to alpha a fresh increase. The abutting above attrition on the upside is abreast the $11,400 and $11,500 levels. Any added assets could accessible the doors for a advance appear the capital $12,000 attrition in the abreast term.
Technical indicators:
Hourly MACD – The MACD is currently accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now acclimation lower appear the 50 level.
Major Support Levels – $10,700, followed by $10,300.
Major Resistance Levels – $11,200, $11,400 and $11,500.
