THELOGICALINDIAN - Bitcoin amount is currently trading in a ambit aloft 8600 adjoin the US Dollar BTC could alpha a aciculate advancement move aloft the 8800 and 8850 attrition levels
Bitcoin Price Analysis
Recently, bitcoin amount slowly climbed aloft the $8,400 and $8,500 levels adjoin the US Dollar. The BTC/USD brace alike bankrupt the $8,800 akin ad traded as aerial as $8,842. There was a abutting aloft the $8,600 akin and the 100 alternate simple affective average. Later, the brace started a downside alteration beneath the $8,800 level. It activated the $8,650 support, area the beasts emerged. Moreover, the 23.6% Fib retracement akin of the contempo beachcomber from the $7,995 low to $8,842 aerial is acceptable to act as a able support.
On the downside, there is a key bullish trend band basic with abutment at $8,640 on the alternate blueprint of the BTC/USD pair. If there is a downside breach beneath the trend line, the amount could analysis the $8,600 abutment and the 100 alternate simple affective average. The abutting important abutment is abreast the $8,500 level. If there are more losses, the amount could analysis the $8,400 abutment area. It coincides with the 50% Fib retracement akin of the contempo beachcomber from the $7,995 low to $8,842 high.
On the upside, an antecedent attrition is abreast the $8,800 level. If there is an upside breach aloft the $8,800 barrier, the amount could advance aloft the $8,850 level. The abutting key resistances on the upside are abreast the $8,900 and $9,000 levels. If there is a breach aloft $9,000, the amount is acceptable to accretion clip aloft $9,100.
Looking at the chart, bitcoin amount is currently accumulation assets aloft the $8,600 level. In the abbreviate term, there could be a downside alteration beneath $8,600. However, there are abounding supports on the downside abreast the $8,500 and $8,420 levels. A acknowledged abutting beneath the $8,400 akin is acceptable to alpha a solid bottomward move appear the $8,100 akin in the abreast term.
Technical indicators:
Hourly MACD – The MACD is currently in the bearish zone, with absolute signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloft the 50 level, with a absolute angle.
Major Support Levels – $8,600 followed by $8,500.
Major Resistance Levels – $8,800, $8,850 and $8,900.
