THELOGICALINDIAN - Bitcoin amount jumped afresh aloft 9400 and 9500 adjoin the US Dollar BTC amount is currently acclimation lower and it is acceptable to acquisition abutment abreast 9340 and 9300
Bitcoin Price Analysis
In the accomplished two sessions, bitcoin started a abiding acceleration from the $9,100 abutment area adjoin the US Dollar. BTC bankrupt the key $9,400 attrition breadth and acclimatized aloft the 100 alternate simple affective average.
Moreover, the amount rallied aloft the $9,500 attrition area. Finally, a aerial was formed abreast $9,600 and the amount is currently acclimation lower. It adapted beneath the $9,480 level, additional the 23.6% Fib retracement akin of the contempo advancement move from the $9,081 low to $9,599 high.
At the outset, bitcoin is trading abreast the $9,400 abutment area. If there are added downsides, the amount could analysis the $9,340 and $9,320 abutment levels (the antecedent attrition levels).
Besides, the 50% Fib retracement akin of the contempo advancement move from the $9,081 low to $9,599 aerial is abreast the $9,340 level. More importantly, there is a key bullish trend band basic with abutment abreast $9,340 on the alternate blueprint of the BTC/USD pair.
If there is a downside breach beneath the trend line, the amount could abatement beneath $9,300. Additionally, the abutting above abutment is abreast the $9,240 akin and the 100 alternate simple affective average.
Any added downsides ability advance the amount appear the $9,200 abutment area. Conversely, bitcoin amount may conceivably acceleration afresh if it stays aloft $9,340 and $9,300.
An antecedent attrition is abreast the $9,480 and $9,500 levels. A acknowledged breach aloft the $9,500 attrition is acceptable to atom addition assemblage appear the $9,600 level. The abutting key attrition on the upside is cat-and-mouse abreast the $9,800 level.
Looking at the chart, bitcoin is assuming abounding absolute signs and the contempo assemblage aloft $9,400 was bullish. In the abbreviate term, there could be a downside correction, but the amount charcoal able-bodied accurate abreast $9,340 and $9,300. The capital uptrend abutment is abreast the $9,200 level, beneath which the amount could move into a bearish zone.
Technical indicators:
Hourly MACD – The MACD is a about to move into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation lower appear the 50 level.
Major Support Levels – $9,340 followed by $9,200.
Major Resistance Levels – $9,480, $9,500 and $9,600.
