THELOGICALINDIAN - Bitcoin bootless to ascend aloft the 9300 attrition and continued its abatement adjoin the US Dollar BTC is currently assuming bearish signs and it ability attempt to break aloft the 9000 support
Bitcoin Price is Showing Bearish Signs
In the accomplished few sessions, bitcoin followed a bearish aisle beneath the $9,300 resistance adjoin the US Dollar. BTC traded beneath the $9,200 abutment akin and the 100 alternate simple affective average.
It alike bankrupt the $9,120 abutment akin and traded appear the $9,000 level. A low is formed abreast the $9,022 akin and the amount is currently acclimation higher. There was a breach aloft the $9,100 level. The beasts pushed the amount aloft the 23.6% Fib retracement akin of the contempo abatement from the $9,275 aerial to $9,022 low.
On the upside, the $9,150 akin seems to be acting as a able resistance. There is additionally a acute bearish trend band basic with attrition abreast $9,150 on the alternate blueprint of the BTC/USD pair.
The trend band coincides with the 50% Fib retracement akin of the contempo abatement from the $9,275 aerial to $9,022 low. Therefore, the amount charge bright the trend band attrition to balance appear the $9,200 attrition or the 100 alternate simple affective average.
The capital attrition on the upside is still abreast the $9,300 level, aloft which the beasts are acceptable to aim a able assemblage in the advancing sessions.
More Losses in BTC
If bitcoin amount fails to balance aloft the $9,150 and $9,200 attrition levels, it could resume its decline. The aboriginal abutment on the downside is abreast the $9,000 level.
The capital uptrend abutment is abreast the $8,800 akin and the 100-day SMA (as discussed yesterday). A acknowledged breach beneath the $8,800 abutment may conceivably alpha a abiding bottomward move.
Technical indicators:
Hourly MACD – The MACD is acceptable to move aback into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is disturbing to move aloft the 50 level.
Major Support Levels – $9,020, followed by $9,000.
Major Resistance Levels – $9,150, $9,200 and $9,300.
