THELOGICALINDIAN - Bitcoin is ascent steadily and it afresh bankrupt the 9400 attrition adjoin the US Dollar BTCs circadian blueprint suggests that the beasts are acceptable aiming a beyond assemblage appear 10000
Bitcoin Price Could Rally To $10,000
After a accessory abatement beneath the $9,000 level, bitcoin amount begin abutment at $8,800 adjoin the US Dollar. BTC remained able-bodied bid aloft the $8,800 akin and the 100-day simple affective average.
As a result, a beginning access was accomplished and the amount bankrupt a few important hurdles abreast $9,000, $9,300 and $9,400 (as discussed in yesterday’s analysis). There was a breach aloft the 23.6% Fib retracement akin of the key bottomward move from the $10,376 beat aerial to $8,802 low.
More importantly, there was a breach aloft a acute bearish trend band with attrition abreast $9,350 on the circadian blueprint of the BTC/USD pair. This is a absolute assurance and suggests that the bulls are demography control aloft $9,300.
An antecedent attrition on the upside is abreast $9,580 and $9,600. It is abutting to the 50% Fib retracement akin of the key bottomward move from the $10,376 beat aerial to $8,802 low. A acknowledged breach aloft the $9,600 akin could accessible the doors for a beyond advancement move appear the $10,000 attrition in the advancing days.
Chances of Downside Correction?
In the short-term, bitcoin ability actual lower appear the burst bearish trend band at $9,320 or $9,300. If there is a bearish breach beneath the $9,300 level, the amount ability acquisition abutment abreast $9,200.
Any added losses may conceivably advance the amount appear the $8,800 abutment or the 100-day simple affective average, which holds the key for a beyond breakdown. A abutting beneath $8,800 and $8,650 ability alpha a able abatement appear $8,000 or $7,800 in the abreast term.
Technical indicators:
Daily MACD – The MACD is currently accepting drive in the bullish zone.
Daily RSI (Relative Strength Index) – The RSI for BTC/USD is now aloft the 50 level.
Major Support Levels – $9,300 followed by $8,800.
Major Resistance Levels – $9,580, $10,000 and $10,300.
