THELOGICALINDIAN - Bitcoin amount is assuming signs of added losses beneath 8500 adjoin the US Dollar BTC could bead appear 8200 afore a appropriate access in the abreast term
Bitcoin Price Analysis
In morning, we saw a few bearish signs for bitcoin beneath the $8,660 and $8,700 resistances adjoin the US Dollar. BTC bootless to ascend aloft the $8,700 attrition and continued its abatement beneath $8,500.
Moreover, there was a breach beneath the $8,400 and $8,375 abutment levels. Finally, the amount traded to a new account and account low abreast $8,343, additional acclimatized able-bodied beneath the 100 alternate simple affective average.
At the moment, the amount is acclimation college aloft the $8,400 level. It is trading abutting to the 23.6% Fib retracement akin of the contempo abatement from the $8,629 aerial to $8,343 low.
On the upside, an antecedent attrition is abreast the $8,420 akin (the contempo support). The aboriginal above attrition is abreast the $8,480 level. Additionally, the 50% Fib retracement akin of the contempo abatement from the $8,629 aerial to $8,343 low is abreast the $8,480 level.
More importantly, morning’s key bearish trend band is alive with attrition abreast $8,500 on the alternate blueprint of the BTC/USD pair. Therefore, bitcoin needs to beat the $8,500 attrition to recover. The abutting above attrition is abreast the $8,570 and $8,600 levels.
An boilerplate attrition amid the aboriginal trend band and the additional trend band is $8,525 and the 100 alternate simple affective average. A acknowledged abutting aloft the 100 alternate SMA and the $8,600 attrition could advance the amount appear the $8,660 and $8,700 attrition levels.
Conversely, if the amount fails to climbs aloft $8,500 or $8,600, it ability abide to move down. The contempo low at $8,343 is a abbreviate appellation support. However, it seems like the bears are eyeing a analysis of the $8,200 abutment area, area the beasts are acceptable to booty a stand.
Looking at the chart, bitcoin may conceivably extend its abatement beneath $8,340. Having said that, the bears charge to be accurate already the amount alcove the $8,200 and $8,000 supports.
Technical indicators:
Hourly MACD – The MACD is accident drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently sliding beneath the 40 level.
Major Support Levels – $8,340 followed by $8,200.
Major Resistance Levels – $8,500, $8,570 and $8,600.
