THELOGICALINDIAN - Bitcoin amount activated the key 8425 abutment and the 100 alternate SMA adjoin the US Dollar BTC bounced aback and it is currently accepting drive aloft the 8700 level
Bitcoin Price Analysis
Yesterday, we saw the alpha of a downside alteration in bitcoin amount beneath $8,700 adjoin the US Dollar. The BTC/USD brace traded beneath the $8,600 and $8,550 abutment levels. There was additionally a breach beneath the $8,500 level. However, the $8,425 abutment akin forth with the 100 alternate simple affective boilerplate acted as a able abutment (as discussed in yesterday’s analysis). Moreover, the 50% Fib retracement akin of the advancement move from the $7,905 low to $8,950 beat aerial additionally acted as a support.
As a result, the amount bounced aback acutely aloft the $8,600 and $8,700 attrition levels. Besides, there was a breach aloft the 50% Fib retracement akin of the bead from the $8,955 aerial to $8,433 beat low. More importantly, there was a breach aloft a key bearish trend band with attrition at $8,690 on the alternate blueprint of the BTC/USD pair. The brace is now trading aloft the $8,700 resistance. Moreover, it is testing the 61.8% Fib retracement akin of the bead from the $8,955 aerial to $8,433 beat low.
In the abbreviate term, there could be a downside correction, but the burst trend band is acceptable to act as a abutment abreast $8,680. Below the $8,680 support, the abutting key abutment is abreast the $8,600 akin and the 100 alternate simple affective average. As continued as the amount is aloft the 100 alternate simple affective average, there are affairs of added assets aloft the $8,750 and $8,800 attrition levels.
Looking at the chart, bitcoin amount bounced aback and completed a downside alteration abreast $8,425. However, it charge accretion drive aloft the $8,800 barrier to abide higher. The abutting important attrition is abreast $8,900. Aloft this, the amount is acceptable to analysis the above $9,000 handle in the advancing sessions.
Technical indicators:
Hourly MACD – The MACD is boring accepting drive in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloft the 50 akin and it ability abide college appear 65.
Major Support Levels – $8,680 followed by $8,600.
Major Resistance Levels – $8,750, $8,800 and $8,900.
