THELOGICALINDIAN - Bitcoin amount is adverse abounding hurdles on the upside abreast 10400 adjoin the US Dollar BTC amount is acceptable to extend its abatement beneath the 10000 and 9950 supports
Bitcoin Price Analysis
There was a downside extension in bitcoin amount beneath the $9,600 and $9,500 levels adjoin the US Dollar. The BTC/USD brace traded as low as $9,483 and acclimatized able-bodied beneath the 100 alternate simple affective average. Recently, the amount started an upside alteration aloft the $9,500 and $9,800 levels. Moreover, there was a breach aloft the key $10,000 attrition area.
The amount alike climbed aloft the $10,200 attrition and traded abutting to the $10,500 level. A beat aerial was formed abreast $10,439 and the amount is currently declining. It seems like the amount is basic a able attrition abreast the $10,300 and $10,400 levels. An actual abutment is abreast the $10,000 level. The 50% Fib retracement akin of the contempo accretion from the $9,483 low to $10,439 aerial is additionally a appropriate abutment abreast $9,960.
The abutting key abutment is abreast the $9,850 level. It represents the 61.8% Fib retracement akin of the contempo accretion from the $9,483 low to $10,439 high. If there is a downside breach beneath the $9,850 support, bitcoin amount is acceptable to resume its decline. In the mentioned bearish case, the amount could revisit the $9,500 and $9,480 levels. Any added losses ability advance the amount appear the $9,220 level.
On the upside, an actual attrition is abreast the $10,250 level. Moreover, there is a aloft bearish trend band basic with attrition abreast $10,290 on the alternate blueprint of the BTC/USD pair. If there is an upside breach aloft the trend band and the $10,400 resistance, the amount could balance added in the abreast term.
Looking at the chart, bitcoin amount seems to be adverse a able attrition abreast the $10,300 and $10,400 levels. If it continues to attempt abreast $10,250 and $10,400, there are affairs of added downsides beneath $10,000 and $9,850 in the advancing sessions.
Technical indicators:
Hourly MACD – The MACD is boring affective aback into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently crumbling beneath the 50 level.
Major Support Levels – $9,960 followed by $9,850.
Major Resistance Levels – $10,250, $10,300 and $10,400.
