THELOGICALINDIAN - Bitcoin recovered acutely afterwards trading to a new account low at 8910 adjoin the US Dollar BTC is now trading aloft the 100 alternate SMA but it is adverse a above attrition at 9500
Bitcoin Price Showing Positive Signs
Yesterday, we discussed the chances of added losses in bitcoin price beneath the $9,100 and $9,000 levels adjoin the US Dollar. BTC did extend its abatement beneath the $9,000 handle and traded to a new account low at $8,910.
However, the amount started a able advancement move and bankrupt abounding hurdles abreast $9,100 and $9,200. The beasts acquired clip and alike pushed the amount aloft the $9,300 akin and the 100 alternate simple affective average.
There was additionally a breach aloft a aloft bearish trend band with attrition abreast $9,330 on the alternate blueprint of the BTC/USD pair. It opened the doors for added assets aloft the $9,400 akin and the amount activated the $9,500 attrition zone.
A aerial is formed abreast $9,494 and the amount is currently accumulation gains. There is a concise bullish banderole formed with attrition abreast the $9,440 level. If there is a bright breach aloft $9,440 and $9,450, there are affairs of a beginning increase.
On the upside, bitcoin amount charge bright the $9,500 attrition area to move added into a absolute zone. The abutting aloft attrition is apparent abreast the $9,640 level, aloft which the amount could revisit $9,800.
Bearish Reaction From $9,500 in BTC?
If bitcoin fails to abide college aloft the $9,500 resistance, it could acknowledge to the downside. An antecedent abutment is apparent abreast the $9,400 akin and the 100 alternate SMA.
A bearish breach beneath the 100 alternate SMA could alpha a beginning bottomward move. In the mentioned case, there is a accident of added losses appear the $9,200 and $9,100 levels.
Technical indicators:
Hourly MACD – The MACD is currently accepting drive 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 – $9,400 followed by $9,100.
Major Resistance Levels – $9,500, $9,640 and $9,800.
