THELOGICALINDIAN - Bitcoin amount is still trading in a declivity beneath 8800 adjoin the US Dollar BTC needs to achieve aloft the 8920 and the 100 alternate SMA to alpha a recovery
Bitcoin Price Analysis
In morning, we saw an upside correction in bitcoin from the $8,560 beat low adjoin the US Dollar. However, BTC faced a able attrition abreast the $8,800 akin and the 100 alternate simple affective average.
There was addition abatement beneath the $8,750 level. Moreover, the amount bankrupt the 23.6% Fib retracement akin of the advancement move from the $8,560 low to $8,839 high. The amount alike bankrupt the $8,720 level, but it backward aloft the $8,700 level.
It seems like the 50% Fib retracement akin of the advancement move from the $8,560 low to $8,839 aerial is acting as a support. Recently, bitcoin amount fabricated addition attack to bright the $8,800 attrition and the 100 alternate simple affective average, but it failed.
More importantly, morning’s bearish trend band is active with attrition abreast $8,775 on the alternate blueprint of the BTC/USD pair. The brace is already afresh crumbling and is trading beneath the $8,750 level.
If the amount fails to break aloft the $8,700 level, it could abide to move down. The abutting abutment is abreast the $8,640 level. It represents the 61.8% Fib retracement akin of the advancement move from the $8,560 low to $8,839 high.
It seems like bitcoin is ambience up for a bottomward fasten beneath the $8,600 abutment area. Additionally, it could alike fasten beneath the $8,500 abutment breadth afore the beasts booty a stand.
Conversely, the amount is acceptable to attempt abreast abounding resistances, starting with $8,800. The capital attrition is abreast $8,900 and addition important bearish trend band on the aforementioned chart. For that reason, a abutting aloft $8,920 is bare for a appropriate recovery.
Looking at the chart, bitcoin is acutely crumbling and it could anon dive beneath the $8,650 and $8,600 level. Once the accepted beachcomber is complete, the amount ability balance aloft $8,850 and $9,000.
Technical indicators:
Hourly MACD – The MACD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is sliding and it is able-bodied beneath the 50 level.
Major Support Levels – $8,640 followed by $8,600.
Major Resistance Levels – $8,800, $8,850 and $8,920.
