THELOGICALINDIAN - Bitcoin amount is assuming signs of a appropriate accretion aloft 10200 adjoin the US Dollar However BTC is still trading able-bodied beneath the capital 10500 attrition area
Bitcoin Price Analysis
After basic a appropriate abutment abreast $9,900, BTC started an upside alteration adjoin the US Dollar. The amount traded aloft the $10,000 and $10,200 attrition levels to move into a abbreviate appellation absolute zone. Moreover, there was a breach aloft the $10,300 akin and the 100 alternate simple affective average. However, the amount struggled to accretion drive aloft the key $10,500 attrition akin (as discussed in the weekly forecast).
During the rise, there was a breach aloft a key bearish trend band with attrition abreast $10,270 on the alternate blueprint of the BTC/USD pair. Bitcoin acicular appear the $10,700 akin and formed a beat aerial abreast $10,697. At the moment, the amount is acclimation lower and is trading able-bodied beneath $10,500. It bankrupt the $10,400 akin and activated the 50% Fib retracement akin of the contempo acceleration from the $9,914 low to $10,697 high.
It seems like the $10,250 akin and the burst trend band is acting as a support. The abutting key abutment is abreast the $10,200 level. It represents the 61.8% Fib retracement akin of the contempo acceleration from the $9,914 low to $10,697 high. The capital abutment is abreast the $10,100 akin and the 100 alternate simple affective average. If the amount fails to balance again, there could be a beginning abatement appear the $10,000 and $9,900 levels.
On the upside, the amount charge achieve aloft $10,500 to accretion bullish momentum. In the mentioned case, the abutting stop for the beasts could be $10,700 and $10,800. However, if the amount accelerates aloft $10,500, it could aim to analysis the $11,000 level.
Looking at the chart, bitcoin amount is acutely disturbing abreast the $10,500 resistance. Therefore, if there is a downside breach beneath the $10,200 support, the amount is acceptable to revisit the $9,900 and $9,800 abutment levels.
Technical indicators:
Hourly MACD – The MACD is boring accident clip in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloof aloft the 50 level.
Major Support Levels – $10,250 followed by $10,000.
Major Resistance Levels – $10,400, $10,500 and $10,680.
