Bitcoin (BTC) Price Correcting Gains: Key Supports Nearby
technical analysis

Bitcoin (BTC) Price Correcting Gains: Key Supports Nearby

THELOGICALINDIAN - Bitcoin amount traded added college afore it faced sellers abreast 8370 adjoin the US Dollar BTC is currently acclimation lower but dips abide able-bodied accurate aloft 7800 and 7600

Bitcoin Price Analysis

Yesterday, we discussed the affairs of added assets in bitcoin amount aloft $8,300 adjoin the US Dollar. The BTC/USD brace did extend upsides aloft $8,280 and $8,300. The brace alike traded to a new 2024 aerial abreast $8,370, but it bootless to abide higher. As a result, the amount started a beginning downside alteration beneath the $8,300 and $8,280 abutment levels. The amount alike bankrupt the $8,200 support, but backward able-bodied aloft the 100 alternate simple affective average.

During the decline, there was a breach beneath the 50% Fib retracement akin of the upside from the $7,625 low to $8,370 high. Besides, the amount traded beneath an ascendance approach with abutment abreast $8,200 on the alternate chart. It opened the doors for added losses and the amount acicular beneath $8,000. BTC amount alike traded beneath the 61.8% Fib retracement akin of the upside from the $7,625 low to $8,370 high. However, the $7,800 akin acted as a able support. Added importantly, this week’s followed bullish trend line could accommodate abutment at $7,800 on the alternate blueprint of the BTC/USD pair.

The brace activated the trend band and the 76.4% Fib retracement akin of the upside from the $7,625 low to $8,370 high. It seems like the amount charcoal able-bodied accurate aloft $7,800. If there is a breach beneath the trend line, the amount may analysis the abutting abutment abreast the $7,650, $7,630 and $7,610 levels. Moreover, the 100 alternate SMA is additionally abreast the $7,650 akin to act as able support.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount is acutely started a abundant bare downside alteration from $8,370. Having said that, dips abide accurate and the amount is acceptable to finds able bids abreast $7,800 or $7,600. Only a abutting beneath $7,600 and the 100 alternate SMA ability alpha an continued downside correction.

Technical indicators:

Hourly MACD – The MACD is boring affective into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD beneath acutely beneath the 50 and 45 levels.

Major Support Levels – $7,800 followed by $7,600.

Major Resistance Levels – $8,000, $8,150 and $8,370.