THELOGICALINDIAN - Bitcoin amount started a able acceleration afterwards it bankrupt the 8000 barrier adjoin the US Dollar BTC is aback in a absolute area and it ability abide to acceleration appear the 8400 level
Bitcoin Price Analysis
Recently, bitcoin amount formed a abutment base aloft the $7,700 akin adjoin the US Dollar. The BTC/USD brace started a abiding acceleration and bankrupt the $7,800 and $7,850 attrition levels. As a result, the beasts acquired backbone aloft the $7,900 akin and the 100 alternate simple affective average. It opened the doors for added assets aloft the capital $7,950 and $8,000 attrition levels.
The amount alike surpassed yesterday’s blemish arrangement with attrition abreast $7,950 on the alternate chart. The beasts managed to advance the amount to a new account high aloft the $8,100 level. Finally, there was a breach aloft the $8,200 akin and a new beat aerial was formed abreast $8,284.
Recently, bitcoin amount started a downside alteration beneath $8,200. It bankrupt the 23.6% Fib retracement akin of the contempo beachcomber from the $7,902 beat low to $8,284 high. On the downside, there are abounding supports abreast the $8,100 and $8,080 levels. Moreover, there is addition above blemish arrangement basic with attrition abreast $8,200 on the alternate blueprint of the BTC/USD pair.
The 50% Fib retracement akin of the contempo beachcomber from the $7,902 beat low to $8,284 aerial is additionally abreast the $8,090 akin to act as a support. It seems like there could be a downside fasten appear the $8,080 or $8,050 abutment levels afore the amount starts a beginning increase. On the upside, a breach aloft the $8,200 akin could accessible the doors for added assets in the abreast term.
Looking at the chart, bitcoin amount is assuming absolute signs aloft the $8,000 and $8,100 abutment levels. In the abbreviate term, there could be a few beat moves, but the amount is acceptable to authority the $8,000 support. As continued as BTC is aloft $8,000, it could abide to bullwork higher.
Technical indicators:
Hourly MACD – The MACD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloft the 50 akin and is acclimation lower.
Major Support Levels – $8,100 followed by $8,000.
Major Resistance Levels – $8,200, $8,300 and $8,380.
