THELOGICALINDIAN - Bitcoin amount is ambience up for addition dive beneath 8600 adjoin the US Dollar BTC could alike attempt to authority 8500 because the accepted bearish formation
Bitcoin Price Analysis
In morning, we discussed the chances of added losses and advertise opportunities for bitcoin beneath $9,000 adjoin the US Dollar. BTC remained in a bearish breadth and it bootless to breach the $8,850 attrition area.
Additionally, the amount is now trading able-bodied beneath the $8,800 and the 100 alternate simple affective average. It seems like the amount bootless to capitalize aloft the 23.6% Fib retracement akin of the aftermost bead from the $9,150 aerial to $8,610 low.
More importantly, the amount was alone abreast the 50% Fib retracement akin of the aftermost bead from the $9,150 aerial to $8,610 low. Bitcoin is now trading beneath the $8,750 akin and is afterward a bearish path.
Recently, there was a breach beneath a application triangle with abutment abreast $8,730 on the alternate blueprint of the BTC/USD pair. Therefore, there is a risk of added downsides beneath the $8,650 and $8,600 levels.
In the mentioned bearish case, there is a accident of a aciculate breakdown alike beneath the $8,500 support. On the upside, an antecedent attrition for the beasts is abreast the $8,820 akin and the 100 alternate SMA.
However, the capital attrition is abreast the $8,850 and $8,950 levels. Besides, today’s key bearish trend band is alive with attrition abreast $8,960 on the alternate blueprint of the BTC/USD pair.
If there is a nice advancement move aloft the $8,850 and $8,950 attrition levels, the amount may conceivably alpha a beginning access appear $9,200 and $9,500 in the advancing days.
Looking at the chart, bitcoin is acutely sliding and is trading able-bodied beneath the $8,850 attrition area. Thus, the bears abide in ascendancy and any accretion is acceptable to face attrition abreast $8,820, $8,850 and $8,950. On the downside, the beasts ability be befitting a abutting eye on the $8,500 zone.
Technical indicators:
Hourly MACD – The MACD is currently accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently crumbling and is trading beneath the 40 level.
Major Support Levels – $8,600 followed by $8,500.
Major Resistance Levels – $8,820, $8,850 and $8,950.
