Bitcoin (BTC) Price Could Accelerate If It Breaks $10,600
technical analysis

Bitcoin (BTC) Price Could Accelerate If It Breaks $10,600

THELOGICALINDIAN - Bitcoin amount is acclimation college with a absolute bent aloft 10200 adjoin the US Dollar BTC could abide to acceleration if it break the 10500 and 10600 resistances

Bitcoin Price Analysis

This accomplished week, we saw a sharp abatement in BTC beneath the $10,000 abutment adjoin the US Dollar. The amount traded appear the $9,500 abutment and afresh started an upside correction. It traded aloft the $10,000 attrition akin to move into a abbreviate appellation absolute zone. Moreover, there was a breach aloft the $10,200 attrition and the 100 alternate simple affective average.

However, the amount is adverse a few important hurdles abreast the $10,500 and $10,600 attrition levels. Already, there were a few attempts to beat the $10,500 and $10,600 resistances, but the beasts failed. The aftermost beat aerial was formed abreast $10,513 and the amount is currently declining. It traded beneath the $10,400 akin additional 23.6% Fib retracement akin of the contempo leg from the $9,998 low to $10,513 high.

On the downside, there is a appropriate abutment basic abreast the $10,250 and $10,200 levels. Additionally, there is a abutting bullish trend band basic with abutment abreast $10,250 on the alternate blueprint of the BTC/USD pair. Bitcoin amount ability additionally acquisition able bids abreast the $10,225 akin and the 100 alternate SMA. If the beasts abort to avert the $10,200 support, the amount could abatement aback to $10,000.

On the upside, the amount is acutely adverse a strong resistance abreast the $10,500 and $10,600 levels. Therefore, a acceptable breach aloft the $10,600 akin is bare for the beasts to accretion traction. In the mentioned case, the amount could advance college appear the $10,800 and $11,000 attrition levels.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount is abutting a acute blemish point and it could either ascend aloft $10,600 or alpha a beginning abatement beneath $10,200. As continued as there is no abutting aloft $10,500 and $10,600, the amount charcoal at a accident of added losses. The capital supports beneath $10,200 are abreast $10,000 and $9,800.

Technical indicators:

Hourly MACD – The MACD is acceptable to move aback into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloft the 50 level.

Major Support Levels – $10,200 followed by $10,200.

Major Resistance Levels – $10,500, $10,600 and $10,650.