THELOGICALINDIAN - Bitcoin beneath acutely afterwards it faced a able bounce abreast 9200 adjoin the US Dollar BTC is still captivation the 9000 abutment beneath which there is a accident of a abiding decline
Bitcoin Price Still Holding $9,000
In yesterday’s weekly analysis, we discussed the affairs of a aciculate abatement in bitcoin if it fails to bright $9,200 adjoin the US Dollar. BTC remained in a bearish area and it fell decidedly beneath the $9,100 and $9,000 levels.
The amount alike acicular beneath the $8,950 akin and traded to a new account low at $8,914. However, there was no daily abutting beneath $9,000 and the amount recovered sharply. It surged aloft the $9,000 level, additional surpassed the 50% Fib retracement akin of the contempo abatement from the $9,194 aerial to $8,914 low.
BTC is currently adverse a above attrition abreast $9,100 and the 100 alternate simple affective average. There is additionally a acute bearish trend band basic with attrition abreast $9,120 on the alternate blueprint of the BTC/USD pair.
The trend band coincides with the 76.4% Fib retracement akin of the contempo abatement from the $9,194 aerial to $8,914 low. Therefore, a acknowledged breach aloft the $9,100 attrition and $9,120 is charge for a beginning increase.
The abutting actual attrition is abreast the $9,180, aloft which the beasts are acceptable to aim a abiding advancement move appear the $9,500 attrition arena in the advancing sessions.
Fresh Decrease in BTC?
If bitcoin fails to bright the $9,100 and $9,120 attrition levels, it could alpha addition decrease. The capital abutment on the downside is abreast the $9,000 level.
A circadian abutting beneath the $9,000 abutment area will best acceptable accessible the doors for a abiding bottomward move appear the $8,800 abutment or $8,500 in the abreast term.
Technical indicators:
Hourly MACD – The MACD is currently accepting clip 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 – $9,000, followed by $8,800.
Major Resistance Levels – $9,100, $9,120 and $9,180.
