THELOGICALINDIAN - Bitcoin is still captivation the 9000 abutment area adjoin the US Dollar BTC is now abutting a acute choice and it could either assemblage aloft 9200 or alpha a aciculate abatement beneath 9000
Bitcoin Approaching Crucial Juncture
This accomplished week, bitcoin fabricated addition attack to accretion absorption aloft $9,300 resistance adjoin the US Dollar, but it failed. BTC akin gains, and beneath beneath the $9,200 abutment akin and the 100 simple affective boilerplate (4-hours).
It alike acicular beneath the $9,000 abutment akin and traded as low as $8,933. Recently, there was a beginning access aloft the $9,000 akin and it seems like the amount is basic a decent abutment abject aloft the $9,000 level.
There was a breach aloft the 50% Fib retracement akin of the bottomward move from the $9,300 beat aerial to $8,933 low. Bitcoin amount is now adverse a above attrition abreast the $9,150 and $9,200 levels. There is additionally a cogent bearish trend band basic with attrition abreast $9,140 on the 4-hours blueprint of the BTC/USD pair.
The trend band is abutting to the 61.8% Fib retracement akin of the bottomward move from the $9,300 beat aerial to $8,933 low. Above the trend line, the 100 simple affective boilerplate (4-hours) is abreast the $9,220 resistance.
The capital attrition is still abreast the $9,300 level. Therefore, BTC charge beat the $9,200 and $9,300 attrition levels to alpha a able access in the abreast term. If the beasts succeed, the amount ability calmly acceleration appear the $9,500 and $9,600 levels.
Downside Break in BTC?
If bitcoin struggles to bright the $9,200 and $9,300 attrition levels, there is a accident of a aciculate decline. The aboriginal above abutment is abreast the $9,000 akin and abutting bullish trend band on the aforementioned chart.
A acknowledged bearish breach beneath the $9,000 abutment could atom a abiding bottomward move beneath the $8,800 akin in the advancing sessions. The abutting above abutment is apparent abreast the $8,500 level.
Technical indicators
4 hours MACD – The MACD for BTC/USD is accepting clip in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloof aloft the 50 level.
Major Support Level – $9,000
Major Resistance Level – $9,200
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