THELOGICALINDIAN - Key Points
Bitcoin amount beneath acutely adjoin $10,000 adjoin the US Dollar. BTC/USD is currently recovering, but it is adverse a lot of affairs pressure.
Bitcoin Price Resistance
After a abundant upside run adjoin the $20,000 level, bitcoin amount faced affairs burden adjoin the US Dollar. There was a aciculate abatement beneath the $18,000 and $15,000 abutment levels. Added importantly, there was a breach beneath two important bullish trend curve with abutment abreast $17,800 on the 4-hours blueprint of BTC/USD. These trend curve breach opened the doors for added losses and the brace confused beneath the $12,000 level. A low was formed at $10,688 from a accessory accretion beachcomber was initiated.
The amount has confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $19,628 aerial to $10,688 low. However, there is a bearish trend band basic with accepted attrition at $15,150 on the aforementioned chart. Moreover, the 50% Fib retracement akin of the aftermost abatement from the $19,628 aerial to $10,688 low is additionally acting as a aloft hurdle for buyers. As continued as the trend band attrition is intact, the brace ability continue to struggle. Only a abutting aloft the $15,500 would abate the bearish burden and may alarm for added gains.
On the cast side, if the amount continues to move down, again there can be added slides against $12,500 in the abreast term.
Looking at the abstruse indicators:
4-hours MACD – The MACD is abbreviation its bearish slope.
4-hours RSI (Relative Strength Index) – The RSI is disturbing to move college and is beneath the 50 level.
Major Support Level – $12,500
Major Resistance Level – $15,500
Charts address – SimpleFX
