THELOGICALINDIAN - Bitcoin amount is currently acclimation college aloft 8800 adjoin the US Dollar However BTC is still adverse a brace of key hurdles abreast 9100 and 9150
Bitcoin Price Analysis
After a above decline, bitcoin begin abutment abreast the $8,670 akin adjoin the US Dollar. A new account low was formed abreast $8,674 afore the amount started an upside correction.
The amount recovered aloft the $8,800 and $8,900 levels. Moreover, there was a breach aloft the $9,000 attrition breadth and the 100 alternate simple affective average. The beasts were able to accretion strength, but they faced a able affairs absorption abreast the $9,150 and $9,160 levels.
A aerial was formed abreast $9,146 and the amount is currently beat from the high. It bankrupt the $9,000 abutment area and the 100 alternate SMA. Additionally, there was a breach beneath the 23.6% Fib retracement akin of the contempo beachcomber from the $8,674 low to $9,146 high.
An actual abutment on the downside is abreast the $8,900 level. It represents the 50% Fib retracement akin of the contempo beachcomber from the $8,674 low to $9,146 high. The capital abutment is abreast the $8,860 and $8,840 levels.
More importantly, there is a abutting bullish trend band basic with abutment abreast $8,840 on the alternate blueprint of the BTC/USD pair. Finally, the 61.8% Fib retracement akin of the contempo beachcomber from the $8,674 low to $9,146 aerial is abreast $8,854.
Therefore, a downside breach beneath the $8,840 akin ability restart the abatement in bitcoin. The abutting key abutment is abreast the $8,700 area, beneath which the amount could revisit the $8,500 level.
On the upside, the amount is adverse hurdles abreast the $9,100 and $9,150 levels. Besides, there is a key bearish trend band basic with attrition abreast $9,100 on the aforementioned chart.
Looking at the chart, bitcoin seems to be disturbing to abide aloft $9,100. If it continues to struggle, there is a accident of addition bearish beachcomber beneath the $8,800 akin in the abreast term.
Technical indicators:
Hourly MACD – The MACD is currently affective aback into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently crumbling and abutting the 50 level.
Major Support Levels – $8,900 followed by $8,840.
Major Resistance Levels – $9,100, $9,150 and $9,300.
