THELOGICALINDIAN - Bitcoin amount started a downside alteration beneath 8600 adjoin the US Dollar BTC is acceptable to analysis the 100 alternate SMA or 8300 afore it starts a beginning advancement move
Bitcoin Price Analysis
Recently, we saw a solid rise in bitcoin amount appear the $9,000 attrition adjoin the US Dollar. The BTC/USD brace traded abutting to the $8,960 akin and formed a new beat aerial at $8,952. Later, it started a downside alteration beneath the $8,800 and $8,700 levels. There was a breach beneath the 23.6% Fib retracement akin of the advancement move from the $7,900 low to $8,952 high. Moreover, there was a breach beneath a key crumbling approach with abutment abreast the $8,600 akin on the alternate chart.
It opened the doors for added losses appear the $8,425 support. Moreover, the 100 alternate simple affective boilerplate is additionally abreast the $8,425 support. Finally, the 50% Fib retracement akin of the advancement move from the $7,900 low to $8,952 aerial is abreast the $8,426 level. Added importantly, there is a above bullish trend band basic with abutment abreast $8,300 on the alternate blueprint of the BTC/USD pair. Therefore, there are many supports on the downside abreast the $8,425 and $8,300 levels.
The capital abutment is abreast $8,300 and the 61.8% Fib retracement akin of the advancement move from the $7,900 low to $8,952 high. If there is a abutting beneath the $8,300 support, the amount ability extend its abatement beneath the $8,200 and $8,140 abutment levels. Conversely, if the $8,300 abutment holds, the amount is acceptable to alpha a beginning increase. An antecedent attrition is abreast the $8,600 level, aloft which the amount ability analysis the $8,710 approach resistance.
Looking at the chart, bitcoin amount is acutely acclimation lower beneath $8,600. However, there are abounding key buy zones abreast $8,425 and $8,400. As continued as the amount is trading aloft the $8,300 abutment zone, it is acceptable to complete alteration and access appear $8,700.
Technical indicators:
Hourly MACD – The MACD is currently accepting backbone in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD beneath afresh beneath the 40 level, with a bearish angle.
Major Support Levels – $8,425 followed by $8,300.
Major Resistance Levels – $8,600, $8,700 and $8,850.
