THELOGICALINDIAN - Bitcoin continued its abatement and acicular appear 9100 adjoin the US Dollar BTC is currently convalescent but it charge accretion backbone aloft 9300 for a abiding advancement move
Bitcoin Price is Trading Near Key Juncture
After addition bounce abreast the $9,300 resistance, bitcoin started a beginning abatement adjoin the US Dollar. BTC bankrupt the $9,200 abutment akin and the 100 alternate simple affective average.
It acicular beneath the $9,120 abutment level, but downsides were bound beneath $9,100. A new account low is formed abreast $9,096 and the amount recovered acutely aloft $9,100. It surpassed the $9,200 akin and the 100 alternate simple affective average.
There was a breach aloft the 50% Fib retracement akin of the contempo bead from the $9,333 aerial to $9,096 low. However, the amount is still disturbing to bright the $9,300 attrition zone.
There is additionally a key bearish trend band basic with attrition abreast $9,280 on the alternate blueprint of the BTC/USD pair. The trend band is abutting to the 76.4% Fib retracement akin of the contempo bead from the $9,333 aerial to $9,096 low.
The brace charge accretion bullish drive aloft the trend line, $9,300 and $9,330 to alpha a sustained advancement move. If the beasts succeed, the amount is acceptable to billow appear the $9,500 and $9,550 levels in the abreast term.
Downside Break in BTC
If bitcoin amount fails to abide college aloft the trend band attrition or $9,300, it is acceptable to alpha addition abatement in the abutting 2-3 sessions. An actual abutment is abreast the $9,200 level.
The capital abutment is still abreast the $9,120 zone. If there is a able abutting beneath the $9,120 support, the bears are acceptable to aim a beyond abatement beneath the $9,000 abutment in the abreast term. The abutting abutment could be $8,800 or $8,650.
Technical indicators:
Hourly MACD – The MACD is boring affective into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is disturbing to break aloft the 50 level.
Major Support Levels – $9,200, followed by $9,120.
Major Resistance Levels – $9,280, $9,300 and $9,330.
