THELOGICALINDIAN - Bitcoin amount bootless to accretion drive aloft 8000 and beneath afresh adjoin the US Dollar BTC is currently abutting the abutting breach and it ability breakdown if the beasts attempt abreast 7950
Bitcoin Price Analysis
Recently, bitcoin amount started a decent recovery aloft $7,800 and $7,900 adjoin the US Dollar. The BTC/USD brace alike bankrupt the $8,000 barrier and the 100 alternate simple affective average. However, the amount bootless to accretion bullish drive and formed a beat aerial at $8,080. As a result, there was a beginning abatement beneath the $8,000 abutment area. The amount bankrupt the 23.6% Fib retracement akin of the contempo accretion from the $7,520 beat low to $8,080 high.
There was additionally a fasten beneath $7,900 and the 50% Fib retracement akin of the contempo accretion from the $7,520 beat low to $8,080 high. Finally, the amount bankrupt the $7,800 abutment breadth afore the beasts took a angle abreast the $7,750 level. Moreover, the 61.8% Fib retracement akin of the contempo accretion from the $7,520 beat low to $8,080 aerial acted as a strong support. At the moment, the amount is trading aloft $7,800 and the 100 alternate SMA. More importantly, there is a key blemish arrangement basic with attrition abreast $7,940 on the alternate blueprint of the BTC/USD pair.
Therefore, the brace seems to be advancing for the abutting breach either aloft $7,950 and $8,000 or beneath $7,800. If there is an upside breach aloft $8,000, the amount is acceptable to ascend added higher. A chase through aloft $8,080 is acceptable to put the beasts in control. The abutting important attrition is abreast the $8,200 level. On the downside, an antecedent abutment is abreast the $7,800, beneath which the amount could abatement afresh appear $7,600.
Looking at the chart, bitcoin amount is assuming a few bearish signs beneath $8,000 and $7,900. If there is a beginning abatement beneath $7,800, the amount could move aback in a bearish zone. It may additionally abate the affairs of a breach aloft $8,200.
Technical indicators:
Hourly MACD – The MACD is accident drive in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently beneath the 50 akin and is affective higher.
Major Support Levels – $7,800 followed by $7,700.
Major Resistance Levels – $7,950, $8,000 and $8,080.
