THELOGICALINDIAN - Bitcoin amount is assuming absolute signs aloft the 11200 akin adjoin the US Dollar BTC could billow college already it break the 11600 attrition akin in the abreast term
Bitcoin Price Analysis
Recently, we saw a downside alteration in bitcoin amount beneath $11,200 and $11,000 adjoin the US Dollar. The BTC/USD brace acicular beneath the $10,800 level, but after recovered nicely. There was a acknowledged abutting aloft the $11,000 axis akin to alpha a appropriate advancement move. Besides, losses were bound in Ethereum, ripple and added altcoins, but they bootless to ascend agnate to BTC.
The amount is now trading accurately aloft the $11,200 akin and the 100 alternate simple affective average. Moreover, there was a breach aloft the 23.6% Fib retracement akin of the aftermost bead from the $12,055 beat aerial appear the $10,800 abutment area. The amount is now trading aloft the $11,500 level, but adverse attrition abreast the $11,600 level. Moreover, there is a key bearish trend band basic with attrition abreast $11,600 on the alternate blueprint of the BTC/USD pair.
Above the trend line, the abutting attrition is abreast the $11,700 level. The 76.4% Fib retracement akin of the aftermost bead from the $12,055 beat aerial appear the $10,800 abutment breadth is additionally abreast the $11,700 level. If there is an upside breach aloft the $11,600 and $11,700 levels, there could be able assets in the advancing sessions. Bitcoin amount could calmly breach the $11,800 and $12,000 levels to abide higher.
Conversely, if there is no upside break, the amount may actual lower already afresh beneath $11,500 and $11,400. An antecedent abutment is abreast the $11,200 level, beneath which the amount may conceivably analysis the $11,000 abutment area.
Looking at the chart, bitcoin amount is acutely assuming a lot of absolute signs aloft $11,200 and $11,400 levels. Therefore, an upside breach aloft $11,600 is actual likely. If the beasts accretion momentum, we may additionally attestant a new beat aerial aloft the $12,000 level.
Technical indicators:
Hourly MACD – The MACD is boring accepting clip in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently accurately aloft the 50 level, with a absolute angle.
Major Support Levels – $11,400 followed by $11,200.
Major Resistance Levels – $11,600, $11,700 and $12,000.
