THELOGICALINDIAN - Bitcoin is disturbing to accretion bullish drive aloft 11300 adjoin the US Dollar BTC could extend its abatement unless it surges accomplished the 100 alternate SMA
Bitcoin Price is Facing Hurdles
In the accomplished few sessions, bitcoin amount struggled to accretion bullish momentum aloft the $11,300 and $11,400 levels adjoin the US Dollar. The aftermost beat aerial was abreast $11,374 afore BTC started a abiding decline.
It traded beneath the $11,200 akin and acclimatized able-bodied beneath the 100 alternate simple affective average. The contempo low was abreast $11,035 and the amount is currently acclimation higher. It surpassed the 23.6% Fib retracement akin of the contempo abatement from the $11,374 aerial to $11,035 beat low.
The price is currently adverse hurdles abreast the $11,200 level. There is a concise crumbling approach basic with attrition abreast $11,230 on the alternate blueprint of the BTC/USD pair.
Above the approach resistance, the $11,250 is a key hurdle. The 50% Fib retracement akin of the contempo abatement from the $11,374 aerial to $11,035 beat low is additionally abreast the $11,250 akin to act as a hurdle. The capital hurdle is still abreast the $11,350 and $11,400 levels.
A acknowledged abutting aloft the $11,400 akin is bare for a beginning access back it is abutting to the 100 alternate simple affective average. In the mentioned case, the amount could assemblage appear the $11,600 and $11,800 levels.
Downside Break in BTC?
If bitcoin fails to bright the approach attrition or the 100 alternate SMA, there is a accident of a aciculate abatement beneath the $11,000 abutment level.
A bright breach beneath the $11,000 abutment akin could advance the amount appear the $10,850 abutment zone. The abutting above abutment is abreast the $10,550 level, area the beasts are acceptable to booty a stand.
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 50 level.
Major Support Levels – $11,000, followed by $10,850.
Major Resistance Levels – $11,250, $11,350 and $11,400.
