THELOGICALINDIAN - Bitcoin amount is trading accurately aloft the 9000 abutment adjoin the US Dollar Having said that BTC amount charge ascend aloft the 9400 attrition to abide higher
Bitcoin Price Analysis
This accomplished week, bitcoin climbed college steadily aloft the $9,200 and $9,300 attrition levels adjoin the US Dollar. BTC alike traded aloft the $9,350 attrition breadth and the 100 alternate simple affective average.
However, the amount disturbing to breach the $9,400 attrition area. As a result, the amount started a beginning abatement from the $9,393 high. It traded aback beneath the $9.300 akin and the 100 alternate SMA.
More importantly, there was a breach beneath a abutting bullish trend band with abutment abreast $9,240 on the alternate blueprint of the BTC/USD pair. A low was formed abreast $9,081 and the amount is currently acclimation higher.
It bankrupt the 23.6% Fib retracement akin of the contempo abatement from the $9,393 aerial to $9,081 low. However, the advancement move was capped by the $9,240 akin and the 100 alternate SMA.
It seems like the 50% Fib retracement akin of the contempo abatement from the $9,393 aerial to $9,081 low is acting as a attrition for the bulls. If there are added gains, the $9,300 breadth is acceptable to act as a above hurdle in the abreast appellation for bitcoin.
If there is an upside breach aloft the $9,300 resistance, the abutting stop for the beasts may conceivably be abreast the $9,380 and $9,400 attrition levels. Conversely, if there is a bottomward move, an antecedent abutment is abreast the $9,100 level. The capital abutment is abreast the $9,000 level, beneath which there is a accident of addition abatement appear $8,500.
Looking at the chart, bitcoin is acutely adverse a lot of resistances abreast the $9,300 and $9,400 levels. A acknowledged abutting aloft the $9,400 akin is charge for bullish acceleration. If not, there is a accident of a downside addendum beneath the $9,000 support.
Technical indicators:
Hourly MACD – The MACD is boring affective into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently convalescent college and it could analysis the 50 level.
Major Support Levels – $9,000 followed by $8,896.
Major Resistance Levels – $9,200, $9,300 and $9,400.
