THELOGICALINDIAN - Bitcoin amount is trading in a bearish area beneath 11800 adjoin the US Dollar BTC amount charcoal at a accident of added losses beneath the 11200 abutment akin in the abreast term
Bitcoin Price Analysis
This accomplished week, bitcoin amount topped abreast the $12,325 akin adjoin the US Dollar. The BTC/USD brace started a able downside alteration and traded beneath the $11,500 support. There was a abutting beneath the $11,800 axis akin and the 100 alternate simple affective average. Finally, the amount activated the $11,200 abutment breadth and a beat low was formed at $11,096.
At the moment, the amount is currently losses aloft the $11,400 level. Moreover, there was a breach aloft the 23.6% Fib retracement akin of the bottomward move from the $11,975 aerial to $11,096 low. However, the advancement move is adverse hurdles abreast the $11,500 and $11,550 levels. Additionally, the 50% Fib retracement akin of the bottomward move from the $11,975 aerial to $11,096 low is acting as a resistance.
On the upside, there are a few important hurdles basic abreast $11,600 and $11,700. More importantly, there is a above bearish trend band basic with attrition abreast $11,700 on the alternate blueprint of the BTC/USD pair. Below the trend line, the 100 alternate SMA is abreast the 61.8% Fib retracement akin of the bottomward move from the $11,975 aerial to $11,096 low.
Therefore, the amount is acceptable to face a able affairs absorption abreast amid the $11,600 and $11,700 levels. The capital attrition is abreast the $11,800 level, aloft which the amount could about-face absolute in the abreast term. On the downside, an actual abutment is abreast the $11,300 level. However, the capital abutment is abreast the $11,200 level, beneath which the amount ability accelerate acutely beneath $11,000. In the mentioned case, BTC amount ability analysis the $10,500 akin (as discussed in the account forecast).
Looking at the chart, bitcoin amount is trading in a bearish area beneath the $11,600 and $11,700 attrition levels. Therefore, there is a accident of added downsides beneath the $11,200 and $11,000 supports.
Technical indicators:
Hourly MACD – The MACD is accepting absorption in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently sliding appear the 40 level.
Major Support Levels – $11,200 followed by $11,000.
Major Resistance Levels – $11,550, $11,600 and $11,700.
