THELOGICALINDIAN - Bitcoin amount bootless abreast the 9000 akin and beneath acutely adjoin the US Dollar BTC is currently trading in a bearish area with a accident of a bead appear the 7880 support
Bitcoin Price Analysis
Yesterday, there was an upside extension in bitcoin amount aloft $8,800 adjoin the US Dollar. The BTC/USD brace acicular aloft the $8,950 and $9,000 levels, but bootless to authority gains. As a result, there was a above bearish acknowledgment beneath the $8,800 level. The amount beneath heavily beneath the $8,600 abutment akin and the 100 alternate simple affective average. Moreover, there was a bright breach beneath the 50% Fib retracement akin of the advancement move from the $7,897 low to $8,960 beat high.
More importantly, there was a breach beneath a acute bullish trend band with abutment at $8,560 on the alternate blueprint of the BTC/USD pair. The brace is currently trading beneath the $8,200 akin and afresh activated the 76.4% Fib retracement akin of the upward move from the $7,897 low to $8,960 beat high. If there is an upside correction, an antecedent attrition could be abreast the $8,400 level. The capital attrition ability be $8,440, aloft which the amount could revisit the $8,700 level.
On the downside, an actual abutment is at $8,000. If there is breach beneath $8,000, the amount could retest the $7,880 abutment area. If there are added losses, the abutting ambition for the beasts ability be $7,646. It represents the 1.236 Fib addendum akin of the advancement move from the $7,897 low to $8,960 beat high. The accepted amount activity is bearish and there is a accident of added losses beneath $8,000.
Looking at the chart, bitcoin amount acutely started a above downside alteration beneath $8,500. There could be ambit moves in the abbreviate term, but the amount is acceptable to extend downsides beneath $8,100. Once the accepted alteration is complete abreast $7,880 or $7,646, the amount is acceptable to animation back.
Technical indicators:
Hourly MACD – The MACD is boring abbreviation its bearish slope, with no above absolute sign.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD beneath heavily and it is currently collapsed in the oversold zone.
Major Support Levels – $8,000 followed by $7,880.
Major Resistance Levels – $8,300, $8,440 and $8,500.
