THELOGICALINDIAN - Bitcoin amount started a beginning abatement beneath the 11800 abutment adjoin the US Dollar BTC is currently captivation a few key supports and it could acceleration afresh aloft 11800
Bitcoin Price Analysis
Recently, there was a decent advancement move in bitcoin amount aloft $11,200 and $11,800 adjoin the US Dollar. The BTC/USD brace alike climbed aloft the $12,000 attrition and the 100 alternate simple affective average. However, the amount struggled to abide aloft the $12,000 akin and formed a beat aerial at $12,053. As a result, there was a downside alteration beneath the $11,800 and $11,600 abutment levels.
There was a breach beneath the 23.6% Fib retracement akin of the aftermost advancement move from the $9,677 low to $12,053 high. Additionally, there was a breach beneath a above bullish trend band with abutment abreast $11,840 on the alternate blueprint of the BTC/USD pair. Moreover, the brace acicular beneath the $11,000 abutment and the 100 alternate simple affective average. However, the $10,800 akin acted as a able abutment base.
Besides, the 50% Fib retracement akin of the aftermost advancement move from the $9,677 low to $12,053 aerial prevented added losses. The amount is currently trading aloft the $11,000 akin and the 100 alternate simple affective average. It seems like the accepted amount action, there are chances of a beginning increase aloft the $11,400 and $11,500 attrition levels.
On the upside, the capital resistances are abreast the $11,800 and $12,000 levels. A breach aloft the $12,053 beat high, the amount could abide to acceleration appear the $12,250 and $12,400 levels. On the downside, a abutting beneath the $10,800 abutment akin ability abate the accepted bullish view. The abutting capital abutment is abreast $10,580 akin or the 61.8% Fib retracement akin of the aftermost advancement move from the $9,677 low to $12,053 high.
Looking at the chart, bitcoin amount is captivation a few important supports abreast the $10,800 and $11,000 levels. In the abbreviate term, there could be a few ambit moves afore the amount either climbs aloft $11,500 or revisits $10,800 and $10,580.
Technical indicators:
Hourly MACD – The MACD is boring abbreviation its contempo bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently beneath the 40 level, with a few absolute signs.
Major Support Levels – $11,000 followed by $10,800.
Major Resistance Levels – $11,500, $11,800 and $12,000.
