THELOGICALINDIAN - Bitcoin started a downside alteration afterwards it was alone abreast 9500 adjoin the US Dollar BTC is now trading abreast the capital 9200 abutment and it could either alpha a beginning access or dive to 9000
Bitcoin Price Testing Key Support
After a appropriate advancement move, bitcoin faced a able resistance abreast $9,480 and $9,500 adjoin the US Dollar. BTC traded as aerial as $9,480 and afresh started a downside correction.
There was a breach beneath the $9,400 and $9,300 levels. The amount alike bankrupt the $9,280 axis akin and the 100 alternate simple affective average. There was additionally a breach beneath the 23.6% Fib retracement akin of the advancement move from the $8,917 beat low to $9,480 high.
More importantly, there was a breach beneath a acute bullish trend band with abutment abreast $9,360 on the alternate blueprint of the BTC/USD pair. The brace is now trading abreast the $9,200 and $9,180 abutment levels.
The 50% Fib retracement akin of the advancement move from the $8,917 beat low to $9,480 aerial is additionally acting as a able support. It seems like the amount is trading abreast a aloft articulation area at $9,180. If it stays aloft the $9,180 support, it could alpha a beginning access in the advancing sessions.
On the upside, an antecedent attrition is abreast the $9,280 akin and the 100 alternate SMA. A acknowledged abutting aloft the $9,280 akin ability accessible the doors for a advance appear the $9,400 and $9,500 levels.
Bearish Break in BTC
Conversely, there is a accident of a bearish breach beneath the $9,200 and $9,180 abutment levels. If bitcoin closes beneath the $9,180 level, it could abide to move down.
The abutting above abutment is abreast the $9,000 level, area the beasts are acceptable to appear. Any added losses ability advance the amount appear the $8,800 level.
Technical indicators:
Hourly MACD – The MACD is about to move aback into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied beneath the 40 level.
Major Support Levels – $9,180, followed by $9,000.
Major Resistance Levels – $9,280, $9,400 and $9,500.
