Bitcoin (BTC) Price Could Dip Further Before Fresh Rally
technical analysis

Bitcoin (BTC) Price Could Dip Further Before Fresh Rally

THELOGICALINDIAN - Bitcoin amount is adverse a few key hurdles abreast 9500 adjoin the US Dollar Therefore BTC could dip a few credibility afore a beginning access in the abreast term

Bitcoin Price Analysis

Recently, there was an continued downside correction in bitcoin beneath the $9,200 abutment breadth adjoin the US Dollar. BTC alike traded beneath the $9,100 akin and formed a new account low abreast $9,045.

The amount recovered from $9,045 and traded aloft the $9,200 resistance. Moreover, there was a breach aloft the 23.6% Fib retracement akin of the contempo abatement from the $9,935 aerial to $9,045 low.

Bitcoin alike climbed aloft the $9,400 akin and the 100 alternate simple affective average.  However, the advancement move was capped by the $9,500 attrition area. Besides, the 50% Fib retracement akin of the contempo abatement from the $9,935 aerial to $9,045 low acted as a resistance.

More importantly, yesterday’s accent key bearish trend band is complete with attrition abreast $9,460 on the alternate blueprint of the BTC/USD pair. The 100 alternate SMA is additionally abreast the trend band and $9,500.

Therefore, a bright breach aloft the trend band and the 100 alternate SMA could open the doors for a beginning increase aloft the $9,500 resistance. The abutting key resistances are abreast the $9,725 and $9,880 levels.

On the downside, there are abounding supports abreast the $9,040 and $9,000 levels. It seems like the amount could fasten beneath the $9,000 abutment breadth and analysis $8,800 or $8,700. Once the accepted beachcomber completes abreast the $8,800 or $8,700 support, the amount is acceptable to animation aback in the advancing sessions.

Bitcoin Price

Looking at the chart, bitcoin is acutely adverse a lot of hurdles abreast the $9,460 and $9,500 levels. Unless there is a abutting aloft $9,500, there is a accident of an continued bead appear the $9,000 and $8,800 abutment levels in the abreast term. Conversely, a acknowledged abutting aloft $9,500 is acceptable to alpha a beginning bullish beachcomber appear the $9,800 and $9,950 levels.

Technical indicators:

Hourly MACD – The MACD is accepting clip in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is affective lower and it is currently beneath the 50 level.

Major Support Levels – $9,000 followed by $8,800.

Major Resistance Levels – $9,460, $9,500 and $9,720.