THELOGICALINDIAN - Bitcoin amount is adverse a lot of hurdles abreast 10400 and 10500 adjoin the US Dollar Therefore BTC could abide to move bottomward beneath 10200 and 10000
Bitcoin Price Analysis
Yesterday, we saw a solid advancement move in bitcoin aloft $10,250 adjoin the US Dollar. The amount alike traded aloft the $10,400 akin and the 100 alternate simple affective average. Finally, the amount surpassed $10,500, but it struggled to absorb gains. As a result, the amount topped abreast $10,697 and after started a beginning decline. It bankrupt the $10,500 and $10,400 levels to move aback into a bearish zone.
Moreover, there was a breach beneath the $10,300 akin and 100 alternate simple affective average. A beat low was formed abreast $10,095 and the amount is currently accumulation losses. An actual attrition is abreast the $10,200 akin and the 100 alternate simple affective average. Additionally, the 23.6% Fib retracement akin of the contempo abatement from the $10,697 aerial to $10,095 low is additionally abreast $10,235. The abutting key attrition is abreast the $10,350 akin and a abutting bearish trend band on the alternate chart.
Above the trend line, the abutting attrition is abreast $10,400. It coincides with the 50% Fib retracement akin of the contempo abatement from the $10,697 aerial to $10,095 low. The main resistance for bitcoin is abreast the $10,500 level. A acknowledged circadian abutting aloft $10,500 is bare for a solid advancement move. Besides, there is a ascent approach or a bearish banderole basic with abutment abreast $10,040 on the alternate blueprint of the BTC/USD pair.
If there is a downside breach beneath the approach support, the amount could alike breach the $10,000 support. The abutting key abutment is abreast the $9,800 area, beneath which there is a accident of a aciculate abatement appear $9,500 and $9,250.
Looking at the chart, bitcoin amount is acutely trading in a bearish area beneath the $10,400 and $10,500 levels. Overall, if the amount continues to struggle, the bears are acceptable to aim a breach beneath $9,800.
Technical indicators:
Hourly MACD – The MACD is currently accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 50 level.
Major Support Levels – $10,000 followed by $9,800.
Major Resistance Levels – $10,300, $10,400 and $10,500.
