THELOGICALINDIAN - Bitcoin amount is adverse an acclivous assignment abreast 7500 and 7600 adjoin the US Dollar BTC could abatement beneath 7300 and 7200 in the abreast term
Bitcoin Price Analysis
Yesterday, there was a sharp decline in bitcoin beneath the $7,800 abutment breadth adjoin the US Dollar. As a result, there was a cogent bead in BTC amount beneath the capital $7,500 abutment area.
Moreover, there was a abutting beneath $7,800 and the 100 alternate simple affective average. Finally, the amount traded abutting to $7,300 and formed a new account low at $7,302. It is currently accumulation losses and is trading aloft the $7,400 level.
On the upside, there are many key resistances for buyers abreast the $7,500 and $7,600 levels. Additionally, the 23.6% Fib retracement akin of the bottomward move from the $8,327 aerial to $7,302 low is additionally abreast the $7,540 level.
More importantly, there is a aloft bearish trend band basic with attrition abreast $7,500 on the alternate blueprint of the BTC/USD pair. If there is a breach aloft the trend line, the amount could face attrition abreast the $7,600 level.
If there are added upsides, bitcoin may conceivably balance appear the key $7,800 attrition or the 50% Fib retracement akin of the bottomward move from the $8,327 aerial to $7,302 low. The 100 alternate SMA is additionally abreast the $7,880 akin to act as a resistance.
Conversely, if the amount continues to attempt abreast $7,500 and $7,600, there could be addition decline. An actual abutment is abreast the $7,350 level. If there is a downside breach beneath $7,350, the amount could abatement appear $7,200 or alike $7,120.
Looking at the chart, bitcoin is acutely adverse a lot of hurdles abreast $7,500 and $7,600. Even if there is a breach aloft $7,600, the $7,800 breadth is a able barrier for the bulls. Therefore, there are affairs of addition abatement beneath the $7,302 low in the advancing sessions. The abutting above abutment is abreast the $7,050 and $7,000 levels.
Technical indicators:
Hourly MACD – The MACD is about to move aback into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 50 level.
Major Support Levels – $7,350 followed by $7,300.
Major Resistance Levels – $7,500, $7,600 and $7,800.
