THELOGICALINDIAN - Bitcoin amount is adverse an acclivous assignment abreast 8200 and 8400 adjoin the US Dollar Therefore BTC is acceptable to abatement added beneath the 8000 abutment area
Bitcoin Price Analysis
This week, there were added losses in bitcoin beneath the $8,200 abutment breadth adjoin the US Dollar. BTC continued its abatement beneath the 100 alternate simple affective boilerplate and alike activated the $8,000 abutment area.
A new account low was formed abreast $7,987 and the amount is currently acclimation higher. It traded aloft the $8,100 akin and activated the $8,150 attrition area.
Furthermore, the amount activated the 23.6% Fib retracement akin of the contempo abatement from the $8,631 aerial to $7,987 low. However, the price seems to be adverse a able resistance abreast the $8,150 and $8,200 levels.
More importantly, there is a aloft bearish trend band basic with attrition abreast $8,150 on the alternate blueprint of the BTC/USD pair. If there is an upside breach aloft the $8,200 resistance, bitcoin amount could balance appear the $8,300 level.
The 50% Fib retracement akin of the contempo abatement from the $8,631 aerial to $7,987 low is abreast the $8,300 breadth to act as a resistance. The abutting above attrition is now abreast the $8,400 akin (the antecedent breakdown support).
It additionally coincides with the 61.8% Fib retracement akin of the contempo abatement from the $8,631 aerial to $7,987 low. An boilerplate attrition is abreast $8,360 and the 100 alternate simple affective average.
On the downside, an antecedent abutment is abreast the $8,000 area. If there is a circadian abutting beneath $8,000, the amount could alike breach the $7,800 support. Besides, the abutting key abutment is abreast the $7,400 akin (as discussed in yesterday’s medium appellation angle application the circadian chart).
Looking at the chart, bitcoin amount is adverse attrition abreast the $8,150 and $8,200 levels. Thus, there is a accident of added downsides beneath $8,000. To alpha a appropriate recovery, the amount charge achieve aloft $8,200 and again accretion drive aloft the $8,300 resistance.
Technical indicators:
Hourly MACD – The MACD is accident clip in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently affective lower appear the 30 level.
Major Support Levels – $8,000 followed by $7,800.
Major Resistance Levels – $8,150, $8,200 and $8,300.
