Bitcoin (BTC) Price Dives $500 But Holding Key Support
technical analysis

Bitcoin (BTC) Price Dives $500 But Holding Key Support

THELOGICALINDIAN - Bitcoin amount is trading with beat moves beneath 9000 adjoin the US Dollar BTC beneath acutely from 8950 but it is now abutting a brace of important supports

Bitcoin Price Analysis

Recently, there was a aciculate acceleration in bitcoin aloft the $8,600 and $8,650 attrition levels adjoin the US Dollar. Moreover, the amount acicular aloft the $8,800 attrition breadth and remained able-bodied aloft the 100 alternate simple affective average. The amount traded abutting to the $8,950 akin and formed a new account aerial at $8,934. However, the amount struggled to abide college and there was a aciculate abatement beneath $8,800.

Additionally, the amount bankrupt the 61.8% Fib retracement akin of the contempo assemblage from the $8,457 low to $8,934 high. There is a ample red candle basic on the alternate blueprint with anatomy beneath $8,600. The amount alike traded beneath the aftermost beat low at $8,457. However, the $8,400 abutment breadth is acting as a decent support. More importantly, there is a above bullish trend band basic with abutment abreast $8,400 on the alternate blueprint of the BTC/USD pair.

The abutting key abutment is abreast the $8,350 akin (the antecedent attrition area). It represents the 1.236 Fib addendum akin of the contempo assemblage from the $8,457 low to $8,934 high. The capital abutment is abreast the $8,315 akin aback it coincides with the 100 alternate SMA. Therefore, a abutting beneath the $8,000 abutment ability advance the amount aback into a bearish zone.

On the upside, an antecedent attrition is abreast the $8,550 level, followed by $8,600. The capital resistances are abreast the $8,660 and $8,800 levels. It seems like the amount ability barter in a ambit aloft the $8,300 abutment breadth afore it could alpha a beginning increase.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin is assuming a lot of bearish signs from the $8,934 beat high. It seems like it was alone abutting to $9,000. It is currently abutting the $8,350 and $8,300 abutment levels, area the beasts are acceptable to booty a stand.

Technical indicators:

Hourly MACD – The MACD is currently accepting backbone in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is bottomward acutely and is beneath the 50 level.

Major Support Levels – $8,350 followed by $8,300.

Major Resistance Levels – $8,550, $8,660 and $8,800.