THELOGICALINDIAN - Bitcoin started a beginning access aloft the 11000 akin adjoin the US Dollar BTC charge beat the 11500 attrition area to abide college in the abreast term
Bitcoin Price is Showing Positive Signs
After a aciculate downside correction, bitcoin amount remained abiding aloft $10,500 adjoin the US Dollar. BTC started a beginning access and climbed aloft the $11,000 attrition zone.
The advancement move was positive, as the beasts were able to advance the amount aloft the $11,200 akin and the 100 alternate simple affective average. The amount alike acicular aloft the 50% Fib retracement akin of the bottomward move from the $12,115 aerial to $10,590 beat low.
It seems like there is a key ascent approach basic with abutment abreast $11,200 on the alternate blueprint of the BTC/USD pair. The brace is additionally adverse a above hurdle abreast the $11,450 and $11,500 attrition levels.
The 61.8% Fib retracement akin of the bottomward move from the $12,115 aerial to $10,590 beat low is additionally abreast the $11,533 level. Therefore, the amount charge bright the $11,500 attrition area to abide higher. If the beasts succeed, the amount could calmly revisit the $11,800 level.
The abutting above attrition is abreast the $12,000 level. Any added assets could advance the amount appear the $12,200 level in the abreast term.
Fresh Decline in BTC?
The approach abutment is apparent abreast the $11,200 level. If there is a downside breach beneath the approach support, bitcoin amount ability abatement added appear the $11,000 abutment level.
The abutting capital abutment is abreast the $10,840 level, beneath which the bears are acceptable to advance the amount appear the acute $10,500 abutment zone. An average abutment could be abreast the $10,700 level.
Technical indicators:
Hourly MACD – The MACD is boring disturbing to accretion clip in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloof aloft the 50 level.
Major Support Levels – $11,200, followed by $11,000.
Major Resistance Levels – $11,450, $11,500 and $11,800.
