THELOGICALINDIAN - Bitcoin amount is disturbing to backlash aloft 8100 adjoin the US Dollar Therefore BTC is acceptable to resume its abatement beneath 8000 and 7900 in the abreast term
Bitcoin Price Analysis
Yesterday, there was a downside extension in bitcoin beneath the $8,000 abutment breadth adjoin the US Dollar. BTC amount traded to a new account low at $7,915 and acclimatized beneath the 100 alternate simple affective average. Recently, there was an upside alteration aloft the $8,000 level. Moreover, the amount recovered aloft the $8,020 level, additional the 23.6% Fib retracement akin of the aftermost abatement from the $8,386 aerial to $7,915 low.
However, the advancement move was capped by the $8,100 and $8,120 attrition levels. Besides, the amount bootless to analysis the 50% Fib retracement akin of the aftermost abatement from the $8,386 aerial to $7,915 low. As a result, there was a beginning abatement beneath $8,020. The amount is now accelerating declines beneath the $8,000 level. It alike bankrupt the aftermost beat low at $7,915 and traded to a new account low abreast $7,850.
It seems like there was a strong bearish reaction beneath $8,000. The abutting key abutment is abreast the $7,800 level. If there are added downsides, bitcoin amount could advance losses appear the $7,600 and $7,500 levels in the abreast term. An average abutment is abreast the $7,720 level.
On the upside, the $8,000 and $8,020 levels are acceptable to act as hurdles for the bulls. The capital attrition is abreast the $8,120 akin and the 100 alternate simple affective average. Besides, there is a above bearish trend band basic with attrition abreast $8,240 on the alternate blueprint of the BTC/USD pair.
Looking at the chart, bitcoin is acutely beneath a lot of burden beneath $8,120 and $8,000. As continued as there is no abutting aloft $8,120 and $8,240, there are affairs of added downsides. The capital ambition for the bearish in the advancing sessions could be abreast the $7,600 and $7,500 levels.
Technical indicators:
Hourly MACD – The MACD is accepting drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is crumbling acutely and is able-bodied beneath the 40 level.
Major Support Levels – $7,800 followed by $7,500.
Major Resistance Levels – $8,020, $8,120 and $8,150.
