THELOGICALINDIAN - Bitcoin amount is adverse an access in affairs burden adjoin the US Dollar BTC ability actual college but it is acceptable to abort abreast the 8000 or 8200 attrition levels
Bitcoin Price Analysis
There was a steady decline in bitcoin amount beneath the $8,500 and $8,400 abutment levels adjoin the US Dollar. The BTC/USD brace alike bankrupt the key $8,000 abutment akin to access a bearish zone. Moreover, there was a abutting beneath the $8,000 akin and the 100 alternate simple affective average. Finally, there was a bead beneath the $7,600 abutment akin and the amount traded to a new account low at $7,441.
Recently, bitcoin amount started an upside alteration aloft the $7,600 level. Besides, there was a breach aloft the 23.6% Fib retracement akin of the contempo abatement from the $8,578 aerial to $7,441 low. On the upside, there are abounding resistances abreast the $7,900, $8,000 and $8,200 levels. There are additionally two above bearish trend curve basic with attrition abreast $7,950 and $8,200 on the alternate blueprint of the BTC/USD pair. An average attrition is abreast $8,000. It coincides with the 50% Fib retracement akin of the contempo abatement from the $8,578 aerial to $7,441 low.
Therefore, a acknowledged breach aloft the $8,000 akin ability advance the amount appear the $8,200 resistance. If there are more upsides, the amount could balance appear the $8,400 akin or the 100 alternate SMA. Conversely, if bitcoin amount fails to move aloft $8,000, it could abatement already again. An antecedent abutment is abreast the $7,600 level. If the beasts abort to authority $7,600, there could be a aciculate abatement appear the $7,400 abutment area.
Looking at the chart, bitcoin amount seems to be afterward a bearish aisle from able-bodied aloft $8,400. In the abbreviate term, there could be an upside correction, but the amount is acceptable to attempt abreast $8,000 or $8,200. Only a acknowledged abutting aloft $8,200 could bang alpha a beginning access in the abreast term.
Technical indicators:
Hourly MACD – The MACD is currently accepting clip in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently affective college appear the 50 level.
Major Support Levels – $7,600 followed by $7,400.
Major Resistance Levels – $8,000, $8,200 and $8,400.
