THELOGICALINDIAN - Bitcoin started a able downside alteration from the 9945 aerial adjoin the US Dollar BTC activated the 8800 abutment breadth and it is currently acclimation higher
Bitcoin Trading Above Key Supports
This accomplished week, bitcoin formed a key concise top aloof beneath the $10,000 akin adjoin the US Dollar. BTC amount traded as aerial as $9,945 afore it started a major decline.
There was a aciculate accelerate beneath the $9,500 and $9,250 abutment levels. The amount alike bankrupt the $9,000 abutment and acclimatized beneath the 100 simple affective boilerplate (4-hours). It activated the $8,800 abutment akin and formed a low at $8,806.
Bitcoin amount is currently acclimation college and trading aloft $9,000. It surpassed the 23.6% Fib retracement akin of the contempo abatement from the $9,945 aerial to $8,806 low.
On the upside, there is a above hurdle basic abreast the $9,400 akin and the 100 simple affective boilerplate (4-hours). The 50% Fib retracement akin of the contempo abatement from the $9,945 aerial to $8,806 low is additionally abreast $9,375 to stop the accepted move.
More importantly, there is a aloft crumbling approach basic with attrition abreast $9,560 on the 4-hours chart of the BTC/USD pair. If the brace climbs aloft the $9,400 resistance, it could face a strong attrition abreast the $9,500 and $9,560 levels.
To move aback into a absolute zone, the amount charge ascend aloft $9,400 and again accretion clip aloft the approach attrition zone. The abutting key attrition is abreast the $9,800 akin and $10,000 levels.
More Losses?
If bitcoin fails to break bright the $9,400 resistance, the 100 simple affective boilerplate (4-hours), and $9,500, there is a accident of added losses in the abreast term.
In the mentioned case, the amount is acceptable to abatement beneath the $9,000 support. The capital abutment is abreast the $8,800 level, beneath which the bears are acceptable to aim a analysis of the $8,400 level.
Technical indicators
4 hours MACD – The MACD for BTC/USD is accident clip in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently abreast the 45 level.
Major Support Level – $9,000
Major Resistance Level – $9,500
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.
