Bitcoin (BTC) Price Could Accelerate To $9.8K Unless It Breaks $9.2K
technical analysis

Bitcoin (BTC) Price Could Accelerate To $9.8K Unless It Breaks $9.2K

THELOGICALINDIAN - Bitcoin amount is accumulation aloft key supports adjoin the US Dollar BTC amount is acceptable to alpha a able acceleration already it settles aloft 9400 and 9500

Bitcoin Price Analysis

After disturbing to achieve aloft $9,500, bitcoin started a downside correction adjoin the US Dollar. BTC adapted lower and traded beneath the $9,400 and $9,350 levels. However, the amount backward aloft the $9,200 abutment and the 100 alternate simple affective average.

At the outset, the amount is accumulation in a application ambit aloft the $9,200 support. The aftermost beat aerial was abreast $9,435 and the aftermost beat low was abreast $9,278. The amount is currently affective college aloft the $9,300 level.

Moreover, there was a breach aloft the 23.6% Fib retracement akin of the contempo abatement from the $9,435 aerial to $9,278 low. An actual attrition is abreast the $9,350 and $9,375 levels.

Additionally, the 50% Fib retracement akin of the contempo abatement from the $9,435 aerial to $9,278 low is abreast the $9,350 level. More importantly, there is a above blemish arrangement basic with attrition abreast $9,375 on the alternate blueprint of the BTC/USD pair.

Therefore, an upside breach aloft $9,350 and $9,375 could set the clip for more upsides in the abreast term. The abutting aloft attrition is abreast the $9,500 area, aloft which bitcoin may conceivably advance appear $9,600 and $9,800.

On the downside, an actual abutment is abreast the triangle at $9,280. If there is a downside break, the amount could retest the $9,200 support. Any added losses beneath $9,200 ability bright the aisle for a advance appear the $9,000 and $8,960 abutment levels.

Looking at the chart, bitcoin seems to be advancing for the abutting breach either aloft $9,375 or beneath $9,280. Having said that, a downside breach beneath the $9,200 abutment breadth won’t be easy. Thus, there are aerial affairs of an upside breach aloft the $9,375 and $9,400 attrition levels in the abreast term.

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 crumbling and is aloof beneath the 50 level.

Major Support Levels – $9,280 followed by $9,200.

Major Resistance Levels – $9,375, $9,400 and $9,500.