THELOGICALINDIAN - Bitcoin amount is disturbing to accretion arena aloft 8800 adjoin the US Dollar Recently BTC traded as low as 8560 and it charcoal at a accident of added losses beneath 8500
Bitcoin Price Analysis
In the accomplished few days, there were lower lows formed in bitcoin afterwards it acclimatized beneath $9,000 adjoin the US Dollar. BTC seems to be afterward a downtrend beneath the $8,880 attrition breadth and the 100 alternate simple affective average.
The contempo abatement was such that the amount traded beneath the $8,640 level. Moreover, there was a breach beneath the $8,600 abutment and the amount traded abutting to $8,550. A new account low was formed abreast $8,560 afore the amount recovered aloft $8,700.
However, the amount seems to be adverse a able attrition abreast the $8,800 akin and the 100 alternate simple affective average. At the moment, the amount is crumbling and is trading beneath $8,780.
Besides, there was a breach beneath the 23.6% Fib retracement akin of the contempo beachcomber from the $8,560 low to $8,838 high. An actual abutment is abreast the $8,700 level.
The 50% Fib retracement akin of the contempo beachcomber from the $8,560 low to $8,838 aerial is additionally abreast the $8,700 level. If there is a downside breach beneath $8,700, there is a accident of added downsides. The abutting abutment is abreast the $8,560 low.
Any added losses could advance bitcoin beneath the key $8,500 abutment area. In the mentioned bearish scenario, the amount is acceptable to analysis the $8,300 abutment breadth in the abreast term.
On the upside, there are abounding resistances, starting with $8,800 and the 100 alternate SMA. More importantly, yesterday’s above bearish trend band is alive with attrition abreast $8,920 on the alternate blueprint of the BTC/USD pair.
Looking at the chart, bitcoin is adverse an access in affairs burden beneath $8,800. If it fails to break aloft $8,700, the bears could accretion drive for a advance beneath the $8,600 and $8,500 levels.
Technical indicators:
Hourly MACD – The MACD is currently affective aback into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently beneath the 50 level, with a few absolute signs.
Major Support Levels – $8,560 followed by $8,500.
Major Resistance Levels – $8,800, $8,850 and $8,920.
