THELOGICALINDIAN - Bitcoin amount is accepting bearish drive beneath 11000 adjoin the US Dollar BTC amount activated the account bearish ambition of 10500 and it could abide to weaken
Bitcoin Price Analysis
In the bitcoin amount account forecast, we discussed the affairs of a bead to $10,500 adjoin the US Dollar. The BTC/USD brace did chase a bearish aisle this anniversary beneath $11,500 and 100 alternate simple affective average. As a result, there was a bearish breach beneath the $11,200 and $11,000 abutment levels. Moreover, the amount attenuated added than 6% today and alike bankrupt the $10,800 abutment area.
Finally, it acicular beneath the $10,500 akin and traded to a new account low at $10,463. It is currently accumulation losses aloft $10,500. An actual attrition is abreast $10,580 additional the 23.6% Fib retracement akin of the contempo abatement from the $10,967 aerial to $10,463 low. On the upside, the aboriginal key attrition is abreast the $10,720 level. It represents the 50% Fib retracement akin of the contempo abatement from the $10,967 aerial to $10,463 low.
If there is an upside breach aloft the $10,700 and $10,800 levels, the amount could actual college appear the $11,000 level. The abutting hurdle could be $11,080 additional the 1.236 Fib addendum akin of the contempo abatement from the $10,967 aerial to $10,463 low. Moreover, there is a above bearish trend band basic with attrition abreast $11,200 on the alternate blueprint of the BTC/USD pair.
The capital attrition is abreast the $11,200 akin (this week’s abutment area). On the downside, an actual abutment is abreast the $10,450 level. If there is a bearish break, the amount could accelerate added appear the $10,200 level. The capital abutment is abreast the $10,000 level, area the beasts ability booty a stand.
Looking at the chart, bitcoin amount is accepting bearish drive beneath $11,000 and $10,800. Therefore, there are affairs of added downsides beneath $10,500 and $10,450. Conversely, if there is an upside correction, the amount is acceptable to face attrition abreast the $10,700 and $10,800 levels.
Technical indicators:
Hourly MACD – The MACD is currently placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation college from the 20 level.
Major Support Levels – $10,450 followed by $10,200.
Major Resistance Levels – $10,700, $10,800 and $11,000.
