THELOGICALINDIAN - Bitcoin amount adapted lower afresh beneath 8000 adjoin the US Dollar However BTC charcoal able-bodied bid aloft 7600 and it is acceptable to ascend aback aloft 8200 and 8300
Bitcoin Price Analysis
Yesterday, we saw an extended rally in bitcoin amount aloft the $8,000 barrier adjoin the US Dollar. The BTC/USD brace bankrupt the $8,200 and $8,300 attrition levels. It traded abutting to the $8,340 akin and a new 2019 aerial was formed at $8,338. Later, the amount started a downside alteration beneath the $8,200 support, but remained able-bodied aloft the 100 alternate simple affective average. The amount beneath beneath the $8,000 abutment akin and traded abutting to the key $7,600 abutment area. A beat low was formed at $7,631 and the amount recovered afresh aloft $8,000.
There was a breach aloft the 50% Fib retracement akin of the contempo abatement from the $8,338 aerial to $7,631 low. However, the amount seems to be adverse a able attrition abreast $8,150. The 61.8% Fib retracement akin of the contempo abatement from the $8,338 aerial to $7,631 low is additionally preventing an upside break. Moreover, there is a abbreviate appellation bearish trend band basic with attrition abreast $8,100 on the alternate blueprint of the BTC/USD pair. Therefore, the brace needs to bright the trend band and $8,150 to alpha a beginning increase.
On the upside, an actual attrition aloft $8,150 is at $8,220. The abutting key attrition is abreast the $8,340 level, aloft which the amount could analysis the $8,500 level. The 1.236 Fib addendum akin of the contempo abatement from the $8,338 aerial to $7,631 low is additionally abreast the $8,505 level.
Looking at the chart, bitcoin amount is currently accumulation aloft the $8,000 level. In the abbreviate term, there could be addition bead appear $7,850 or alike $7,630. However, there are abounding abutment on the downside abreast the $7,580 and $7,600 levels. Besides, this week’s followed important bullish trend band is complete with abutment at $7,580. As continued as the amount is aloft the trend band support, it is acceptable to breach $8,150 and $8,340.
Technical indicators:
Hourly MACD – The MACD is acceptable to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently collapsed aloft the 50 level.
Major Support Levels – $7,850 followed by $7,630.
Major Resistance Levels – $8,100, $8,150 and $8,340.
