THELOGICALINDIAN - Bitcoin is currently acclimation college from the 9300 abutment adjoin the US Dollar BTC amount charge bright the 9740 and 9800 attrition levels to abide college in the abreast term
Bitcoin Price Facing Hurdles
Yesterday, we saw a sharp U-turn in bitcoin price from able-bodied aloft $10,000 adjoin the US Dollar. BTC bankrupt abounding key supports abreast $9,800 and the 100 alternate simple affective average.
It alike acicular beneath the $9,500 abutment and activated the $9,300 abutment area. A low is formed abreast $9,299 and the amount is currently acclimation higher. It is now trading aloft the $9,500 axis level.
There was a breach aloft the 23.6% Fib retracement akin of the bottomward move from the $10,366 aerial to $9,299 low. Moreover, it is trading aloft the $9,600 akin and the 100 alternate simple affective average.
It seems like there is a buck banderole basic with attrition abreast $9,740 on the alternate chart of the BTC/USD pair. The approach attrition area is abutting to the contempo breakdown area at $9,740. There is additionally a abutting bearish trend band basic with attrition abreast $9,745 on the aforementioned chart.
If bitcoin amount clears the trend band resistance, it could analysis the abutting above attrition abreast $9,800. The 50% Fib retracement akin of the bottomward move from the $10,366 aerial to $9,299 low is additionally abreast $9,832.
If the beasts administer to bright the $9,740 and $9,800 attrition levels, there are affairs of a abiding acceleration in the advancing sessions. The abutting key attrition area is apparent abreast the $10,000 level.
Fresh Decline in BTC?
There are affairs of addition downside breach in bitcoin if it struggles to bright $9,740 and the trend band resistance. On the downside, the aboriginal key abutment is abreast the banderole approach at $9,600.
A bright breach beneath the buck banderole at $9,600, it could advance losses. An actual abutment is at $9,500, beneath which there is a accident of added downsides appear the $9,300 level.
Technical indicators:
Hourly MACD – The MACD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied aloft the 50 level.
Major Support Levels – $9,600 followed by $9,500.
Major Resistance Levels – $9,740, $9,800 and $9,830.
