THELOGICALINDIAN - Bitcoin traded as aerial as 9377 afore starting a downside alteration adjoin the US Dollar BTC is currently up captivation the 9200 abutment and it could abide to acceleration steadily
Bitcoin Price Could Test $9,500
Yesterday, there was a decent advancement move in bitcoin aloft the $9,200 attrition adjoin the US Dollar. BTC alike surged aloft the $9,300 akin and the 100 alternate simple affective average.
A aerial was formed abreast $9,377 afore the amount started a downside correction. The amount beneath beneath the $9,320 and $9,300 abutment levels. However, it remained able-bodied bid aloft the $9,200 akin and the 100 alternate SMA.
A low is formed abreast $9,205 and the amount is currently rising. It bankrupt the 23.6% Fib retracement akin of the contempo downside alteration from the $9,377 aerial to $9,205 low. On the upside, the $9,300 akin is already afresh acting as a resistance for the bulls.
The 50% Fib retracement akin of the contempo downside alteration from the $9,377 aerial to $9,205 low is additionally preventing added gains. It seems like there is a key bullish trend band basic with abutment abreast $9,250 on the alternate blueprint of the BTC/USD pair.
If the brace continues college aloft the $9,300 and $9,320 levels, it is acceptable to breach the $9,377 aerial and ambition a new high. The abutting actual attrition is abreast $9,400, aloft which the beasts are acceptable to aim a analysis of the $9,500 akin in the abreast term.
Bearish Reaction in BTC
On the downside, the trend band abutment is a aloft buy zone, followed by the $9,200 abutment zone. If the amount fails to break aloft $9,200, it could analysis the 100 alternate SMA.
Any added losses beneath the 100 alternate SMA or the $9,150 akin could advance the amount aback appear the $9,000 abutment akin in the abreast term.
Technical indicators:
Hourly MACD – The MACD is boring affective into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently ascent appear the 60 level.
Major Support Levels – $9,250, followed by $9,200.
Major Resistance Levels – $9,320, $9,400 and $9,500.
