THELOGICALINDIAN - Bitcoin amount is crumbling beneath key supports adjoin the US Dollar BTC ability tumble appear 8300 or 8200 already the bears bright the 8550 and 8500 supports
Bitcoin Price Analysis
In morning, we discussed the affairs of a bottomward move in bitcoin beneath the $8,660 abutment adjoin the US Dollar. BTC followed a bearish bend and traded beneath the $8,700 and $8,660 abutment levels.
Additionally, there was a abutting beneath the $8,660 abutment and the 100 alternate simple affective average. More importantly, morning’s abbreviate appellation blemish arrangement was breached with abutment abreast $8,650 on the alternate blueprint of the BTC/USD pair.
The brace retested the $8,560 abutment breadth and it is currently accumulation losses. An actual attrition is abreast the $8.610 level. It represents the 23.6% Fib retracement akin of the contempo bead from the $8,785 aerial to $8,557 low.
The aboriginal capital attrition on the upside is abreast the $8,640 akin (the antecedent abutment area). The abutting key attrition is abreast the $8,670 level. Besides, the 50% Fib retracement akin of the contempo bead from the $8,785 aerial to $8,557 low is abreast the $8,670 level.
If there is an upside breach aloft the $8,640 and $8,670 levels, bitcoin amount could extend its accretion appear the $8,740 attrition area. Besides, the additional acute hurdle for the beasts is abreast the $8,740 and the 100 alternate simple affective average.
Therefore, a acceptable abutting aloft the $8,740 akin ability advance the amount appear the $8,800 and $8,880 attrition levels. On the downside, the capital abutment is abreast the $8,550 and $8,500 levels.
If there is a breakdown beneath the $8,500 support, the amount is acceptable to advance its abatement appear $8,300 or $8,200. Having said that, any added losses are absurd because the accent of the $8,200 abutment area.
Looking at the chart, bitcoin is trading abreast the aftermost key abutment of the accepted beachcomber abreast the $8,550 level. A bright breakdown is acceptable to atom a able bearish acknowledgment in the crypto market and above altcoins in the abreast term.
Technical indicators:
Hourly MACD – The MACD is currently accepting drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath 50 level, with bearish signs.
Major Support Levels – $8,550 followed by $8,500.
Major Resistance Levels – $8,640, $8,740 and $8,800.
