THELOGICALINDIAN - Key Points
Bitcoin amount is convalescent afterwards a aloft abatement beneath the $8,000 akin adjoin the US Dollar. BTC/USD is disturbing to move aloft $9,500 and it may move bottomward already again.
Bitcoin Price Resistance
This accomplished week, we saw a aberrant decline in bitcoin amount from able-bodied aloft $11,000 adjoin the US Dollar. The amount traded lower and bankrupt the $10,000 and $9,000 abutment levels. The abatement was such that the amount alike bankrupt the $8,200 and $8,000 abutment levels. During the downside, there was a breach beneath a acute bullish trend band with abutment at $10,800 on the 4-hours blueprint of the BTC/USD pair. It traded abutting to the $7,500 akin and formed a low at $7,599. Later, an upside alteration was accomplished and the amount move aloft the $8,000 level.
It additionally confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $11,820 aerial to $7,599 low. However, there are abounding resistances on the upside abreast the $9,500, $9,650 and $10,000 levels. At the moment, the amount is facing sellers abreast the 38.2% Fib retracement akin of the aftermost abatement from the $11,820 aerial to $7,599 low. Aloft $9,350, there is a accumbent attrition abreast $9,650. To the topside, there is a bearish trend band with attrition at $10,300.
Therefore, it won’t be accessible for the accepted accretion to abide aloft the $9,500 and $10,500 levels.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently abbreviation its bearish slope.
4-hours RSI (Relative Strength Index) – The RSI is award it adamantine to move aback aloft the 50 level.
Major Support Level – $8,000
Major Resistance Level – $10,500
Charts address – SimpleFX
