Bitcoin (BTC) Price Showing Signs Of Bearish Continuation
technical analysis

Bitcoin (BTC) Price Showing Signs Of Bearish Continuation

THELOGICALINDIAN - Bitcoin amount is assuming bearish signs beneath 9300 and 9240 adjoin the US Dollar BTC amount could advance losses if it continues to attempt beneath 9300

Bitcoin Price Analysis

In the accomplished few hours, there was a abiding abatement in bitcoin from the $9,440 aerial adjoin the US Dollar. The aftermost beat aerial was abreast $9,374 afore the amount beneath beneath the $9,300 abutment area.

Moreover, there was a abutting beneath the $9,300 abutment and the 100 alternate simple affective average. Finally, the amount acicular beneath the $9,120 abutment breadth and traded as low as $9,084.

It is currently acclimation college aloft the $9,120 level. Additionally, it surpassed the 50% Fib retracement akin of the contempo abatement from the $9,374 aerial to $9,084 low.

However, the amount is adverse a lot of hurdles on the upside abreast the $9,240 and $9,300 levels. More importantly, there is a above bearish trend band basic with attrition abreast $9,240 on the alternate blueprint of the BTC/USD pair.

The 61.8% Fib retracement akin of the contempo abatement from the $9,374 aerial to $9,084 low is additionally capping the advancement move. Therefore, a acknowledged breach aloft the trend band and a chase through aloft $9,300 is bare for a beginning increase.

The abutting key attrition is abreast the $9,440 area, aloft which bitcoin is acceptable to ascend appear the $9,550 and $9,600 levels in the abreast term.

On the downside, an actual abutment is abreast the $9,120 area. If there is a acknowledged circadian abutting beneath the $9,120 support, there are affairs of added downsides beneath the $9,020 and $9,000 abutment levels. The abutting above abutment is abreast $8,920, followed by $8,780.

Looking at the chart, bitcoin is acutely trading in a bearish area beneath the $9,300 attrition level. Thus, the amount charcoal at a accident of a bearish breach beneath $9,120 and $9,020. To move into a absolute area and alpha a appropriate advancement move, the amount charge achieve aloft $9,300.

Technical indicators:

Hourly MACD – The MACD is acceptable to move aback into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently crumbling and it could analysis the 25 level.

Major Support Levels – $9,120 followed by $9,020.

Major Resistance Levels – $9,240, $9,300 and $9,440.