THELOGICALINDIAN - Bitcoin amount is assuming signs of added weakness beneath 8200 adjoin the US Dollar BTC could advance abatement if it continues to attempt abreast 8400
Bitcoin Price Analysis
Yesterday, we discussed the affairs of a possible rebound in bitcoin if it breach the $8,400 attrition adjoin the US Dollar. However, BTC amount struggled to ascend aloft the $8,400 attrition area. As a result, there was a beginning abatement beneath the $8,300 level. Moreover, there was a breach beneath the key $8,200 abutment breadth and the 100 alternate simple affective average.
Finally, the amount traded beneath the $8,100 akin and formed a new account low abreast $8,062. It is currently accumulation losses aloft the $8,100 level. Besides, it traded aloft the 23.6% Fib retracement akin of the contempo abatement from the $8,386 aerial to $8,062 low. An actual attrition is abreast the $8,200 akin (the contempo key support). The abutting attrition is abreast the $8,220 akin and the 50% Fib retracement akin of the contempo abatement from the $8,386 aerial to $8,062 low.
However, the main resistance for bitcoin is abreast the $8,300 akin and the 100 alternate SMA. Furthermore, there is a key crumbling approach basic with attrition abreast $8,350 on the alternate blueprint of the BTC/USD pair. Therefore, a acknowledged breach aloft the approach attrition and a chase through aloft $8,400 is charge for a appropriate accretion in the abreast term.
On the downside, there are not abounding supports up to $8,000. If the bears accretion strength, they may conceivably accomplish in allowance the $8,000 abutment area. The abutting above abutment is abreast the $7,800 level, beneath which the amount is acceptable to arch appear the $7,500 zone.
Looking at the chart, bitcoin is allowance disturbing to balance aloft the $8,400 level. If the beasts abide to struggle, there is a accident of a bearish acknowledgment beneath the $8,050 and $8,000 levels. In the mentioned case, the amount could alike attempt to break aloft the $7,800 abutment area.
Technical indicators:
Hourly MACD – The MACD is disturbing to accretion backbone in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 40 level.
Major Support Levels – $8,000 followed by $7,800.
Major Resistance Levels – $8,350, $8,400 and $8,500.
