THELOGICALINDIAN - Bitcoin is currently acclimation college from the 8813 beat low adjoin the US Dollar BTC is trading aloft 9000 but it is adverse abounding hurdles abreast 9200 and 9300
Bitcoin Price is Approaching Hurdles
After a able abatement beneath $9,000, bitcoin amount begin abutment abreast the $8,800 akin adjoin the US Dollar. BTC traded to a new account low at $8,813 and afresh started an upside correction.
There was a breach aloft the $9,000 attrition level. The beasts alike pushed the amount aloft a abutting bearish trend band basic with attrition abreast $9,100 on the alternate blueprint of the BTC/USD pair.
However, the brace is adverse attrition abreast $9,200 and the 100 alternate simple affective average. A aerial is formed abreast $9,190 and the amount is currently trading in a range. An antecedent abutment is abreast the 23.6% Fib retracement akin of the contempo accretion from the $8,813 low to $9,190 low.
On the upside, an antecedent attrition is abreast the $9,150 akin and the 100 alternate simple affective average. There is additionally a key bearish trend band basic with attrition abreast $9,260 on the aforementioned chart.
The capital attrition is still abreast the $9,300 level, aloft which bitcoin amount is acceptable to accretion bullish drive in the advancing sessions. The abutting acute attrition aloft $9,300 could be $9,500.
Fresh Drop in BTC
If bitcoin fails to bright the $9,200 and $9,300 attrition levels, it could alpha a fresh decline. The aboriginal key abutment is abreast the $9,040 level, followed by the 50% Fib retracement akin of the contempo accretion from the $8,813 low to $9,190 low.
A acknowledged bearish breach and abutting beneath $9,000 could alpha a beginning decrease. In the mentioned bearish case, the amount is acceptable to revisit the $8,813 low of $8,000 in the abreast term.
Technical indicators:
Hourly MACD – The MACD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is aloof aloft the 50 level.
Major Support Levels – $9,040, followed by $9,000.
Major Resistance Levels – $9,150, $9,200 and $9,300.
