Bitcoin (BTC) Price Positioning For Breakout or Further Decline?
technical analysis

Bitcoin (BTC) Price Positioning For Breakout or Further Decline?

THELOGICALINDIAN - Bitcoin amount is disturbing to abide college adjoin the US Dollar BTC amount charcoal at a accident of added downsides if it fails to break aloft the 9200 abutment area

Bitcoin Price Analysis

In the accomplished three sessions, there was a abiding abatement in bitcoin beneath the $9,400 axis level adjoin the US Dollar. BTC is adverse an access in affairs absorption beneath $9,375, but it is still captivation the 100 alternate simple affective average.

The aftermost beat aerial was abreast $9,440 afore the amount beneath appear the $9,200 abutment area. The contempo low was $9,257 and the amount is currently accumulation losses.

An actual attrition on the upside is abreast the $9,350-$9,360 area. It coincides with the 50% Fib retracement akin of the contempo bead from the $9,440 aerial to $9,257 low.

Moreover, there is a key application triangle arrangement basic with attrition abreast $9,360 on the alternate blueprint of the BTC/USD pair. Therefore, an upside breach aloft the $9,360 and $9,400 attrition levels could set the clip for added assets in the abreast term.

Having said that, there is a cluster of resistances amid $9,350 and $9,400. Besides, the 76.4% Fib retracement akin of the contempo bead from the $9,440 aerial to $9,257 low could act as a resistance.

Overall, if there is an upside breach aloft $9,360 and $9,400, there could be added assets in the abreast term. The abutting key attrition is abreast the $9,440, aloft which the amount is acceptable to advance appear the $9,500 area.

On the downside, an actual abutment is abreast the triangle trend band at $9,270. If there is a downside breach beneath the triangle and the 100 alternate SMA, the amount could analysis the capital $9,200 abutment area.

Looking at the chart, bitcoin is acutely trading central a blemish arrangement with attrition abreast $9,350-$9,400. A acknowledged abutting aloft $9,400 is bare for added upsides. If not, there is a accident of a bearish acknowledgment beneath the $9,200 support.

Technical indicators:

Hourly MACD – The MACD is disturbing to accretion backbone in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently crumbling appear the 40 level.

Major Support Levels – $9,280 followed by $9,200.

Major Resistance Levels – $9,360, $9,400 and $9,500.