THELOGICALINDIAN - Bitcoin amount is accepting bullish drive aloft 10500 adjoin the US Dollar BTC is acceptable to ascend appear 11200 or 11400 as continued as it stays aloft 10500
Bitcoin Price Analysis
Yesterday, we discussed the affairs of a strong acceleration in BTC if it break $10,600 adjoin the US Dollar. The amount did accretion bullish drive aloft the $10,500 and $10,600 attrition levels. It opened the doors for added assets aloft the $10,700 akin and the 100 alternate simple affective average. Finally, the amount surpassed the $10,800 attrition and traded to a new account aerial at $10,960.
Recently, the amount started a downside alteration beneath the $10,900 level. Moreover, it traded beneath the 23.6% Fib retracement akin of the contempo beachcomber from the $10,267 low to $10,960 high. It seems like there could be an continued downside alteration appear the $10,500 abutment level. An actual abutment is abreast the $10,600 akin (the antecedent resistance). Additionally, the 50% Fib retracement akin of the contempo beachcomber from the $10,267 low to $10,960 aerial is abreast the $10,600 level.
More importantly, yesterday’s accent above bullish trend band is complete with abutment abreast $10,500 on the alternate blueprint of the BTC/USD pair. Bitcoin amount acutely charcoal able-bodied accurate on the downside abreast the $10,600 and $10,500 abutment levels. If there is a bearish breach and abutting beneath $10,500 additional the 100 alternate simple affective average, the amount could move aback into a bearish zone.
On the upside, an actual attrition is abreast the contempo aerial at $10,960, followed by $11,000. If the amount continues to rise, the next important resistance is abreast the $11,200 and $11,250 levels.
Looking at the chart, bitcoin amount is trading accurately aloft the $10,500 abutment level. As continued as there is no circadian abutting beneath $10,500, there are aerial affairs of added upsides appear $11,200 in the advancing sessions. Additionally, if the beasts abide in action, they ability be able to advance the amount appear the $11,400 level.
Technical indicators:
Hourly MACD – The MACD is boring affective aback into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation lower appear the 50 level.
Major Support Levels – $10,600 followed by $10,500.
Major Resistance Levels – $10,960, $11,000 and $11,200.
