THELOGICALINDIAN - Bitcoin amount is disturbing to break aloft 7120 and 7000 supports adjoin the US Dollar BTC needs to balance aloft 7240 and 7400 to abstain a able decline
Bitcoin Price Analysis
In the accomplished three days, bitcoin amount beneath steadily from the $7,700 attrition breadth adjoin the US Dollar. The amount bankrupt a few key supports abreast the $7,400 and $7,300 levels.
Moreover, the amount acclimatized beneath the $7,300 akin and the 100 alternate simple affective average. Finally, the price is now trading abreast the aftermost band of defense aloft the $7,120 and $7,160 abutment levels.
A low is formed abreast $7,117 and the amount is currently acclimation higher. Besides, it activated the 23.6% Fib retracement akin of the contempo accelerate from the $7,689 aerial to $7,117 low.
On the upside, an antecedent attrition is apparent abreast the $7,240 level. More importantly, there are two bearish trend curve basic with attrition abreast $7,240 and $7,400 on the alternate blueprint of the BTC/USD pair.
An boilerplate attrition amid two trend curve is abreast the $7,300 akin and the 100 alternate simple affective average. Additionally, the 50% Fib retracement akin of the contempo accelerate from the $7,689 aerial to $7,117 low is abreast the $7,400 level.
Therefore, a successful abutting aloft the $7,400 attrition could alpha addition increase. The abutting key attrition is abreast the $7,500 level, aloft which bitcoin is acceptable to advance appear the $7,700 attrition area.
On the downside, the $7,120 akin is a above support. If the beasts abort to avert the $7,120 support, there is a accident of a aciculate breakdown beneath the $7,000 abutment area. The abutting supports are abreast $6,800 and $6,600.
Looking at the chart, bitcoin amount is now trading in a abbreviate appellation bearish area beneath the $7,300 and $7,400 levels. Having said that, there are possibilities of a appropriate advancement move as continued as there is no circadian abutting beneath $7,120 and $7,000.
Technical indicators:
Hourly MACD – The MACD is about to move into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is boring ascent appear the 50 level.
Major Support Levels – $7,120 followed by $7,000.
Major Resistance Levels – $7,240, $7,300 and $7,400.
