THELOGICALINDIAN - Bitcoin amount is accepting bearish drive beneath 8700 adjoin the US Dollar Therefore BTC could abide to move bottomward appear the abutting abutment abreast 8300 and 8200
Bitcoin Price Analysis
In the accomplished few sessions, there was a steady decline beneath the $8,800 akin in bitcoin adjoin the US Dollar. BTC bankrupt the $8,750 and $8,700 levels to move added into a bearish zone.
Moreover, there was a breach beneath the $8,600 abutment breadth and the amount acclimatized able-bodied beneath the 100 alternate simple affective average. Finally, the amount bankrupt the $8,550 and $8,500 abutment levels.
A new account low was formed abreast $8,457 and the amount is currently accumulation losses. Besides, it is trading abreast the 23.6% Fib retracement akin of the contempo abatement from the $8,785 aerial to $8,457 low.
On the upside, an actual attrition is abreast the $8,580 and $8,600 levels. The first key attrition for bitcoin is abreast the $8,620 level. Additionally, it coincides with the 50% Fib retracement akin of the contempo abatement from the $8,785 aerial to $8,457 low.
More importantly, there is a key crumbling approach basic with attrition abreast $8,710 on the alternate blueprint of the BTC/USD pair. To move into a absolute zone, the amount charge breach the $8,700 and $8,800 attrition levels.
The capital attrition is abreast $8,880, aloft which the amount is acceptable to advance college appear the $9,000 and $9,200 levels. On the downside, an antecedent abutment is abreast the $8,450 level.
If there is addition breach bottomward beneath the $8,450 level, the amount may conceivably abide to move bottomward beneath $8,400. The abutting above abutment is abreast the $8,300 and $8,200 levels, area the beasts are acceptable to appear.
Looking at the chart, bitcoin is acutely trading in a apathetic and abiding abatement beneath $8,700 and $8,800. Thus, there are aerial affairs of added losses beneath the $8,500 and $8,450 levels. Conversely, a breach aloft $8,700 ability alpha a appropriate accretion in the abreast term.
Technical indicators:
Hourly MACD – The MACD is currently accepting drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation higher, but it is able-bodied beneath 50 level.
Major Support Levels – $8,450 followed by $8,300.
Major Resistance Levels – $8,620, $8,700 and $8,800.
