Bitcoin (BTC) Price Steadies Uptrend But Another Correction Likely
technical analysis

Bitcoin (BTC) Price Steadies Uptrend But Another Correction Likely

THELOGICALINDIAN - Bitcoin amount is trading in a abiding uptrend aloft 9000 and 9200 adjoin the US Dollar BTC is acceptable to ascend steadily with a few bottomward moves

Bitcoin Price Analysis

This accomplished week, there was a sharp rally in bitcoin aloft the $7,500 and $8,000 resistances adjoin the US Dollar. BTC alike surged aloft the $9,500 and $10,000 levels afore acclimation lower.

Later, the amount adapted beneath the $9,500 abutment and the $9,000 axis zone. However, the abatement was independent beneath $9,000 and the amount remained able-bodied aloft the 100 alternate simple affective average.

A low was formed abreast $8,896 and bitcoin started a beginning increase. It bankrupt the $9,000 and $9,200 attrition levels. Moreover, there was a breach aloft the 50% Fib retracement akin of the bottomward alteration from the $10,578 aerial to $8,896 low.

However, the amount seems to be adverse a strong resistance abreast $9,850 and $9,900. Besides, the 61.8% Fib retracement akin of the bottomward alteration from the $10,578 aerial to $8,896 low prevented any added upsides.

At the moment, the amount is crumbling and is affective appear the $9,500 support. More importantly, there is a acute bullish trend band basic with abutment abreast $9,500 on the alternate blueprint of the BTC/USD pair.

If there is a downside breach beneath the trend line, the amount could extend its bottomward alteration appear the $9,200 level. Any added losses may conceivably advance bitcoin amount appear the $8,750 abutment area.

Conversely, if the amount continues to ascend higher, it could ascend aloft the $9,850 and $9,900 resistance. The capital hurdle is abreast the $10,000 level, aloft which the amount is acceptable to ascend appear $10,500.

Looking at the chart, bitcoin is assuming a lot of absolute signs aloft the $9,500 and $9,200 levels. However, there are a few affairs of anther bottomward move appear $9,200 or $9,000 to complete the correction. Once the amount completes the accepted correction, it is acceptable to billow aloft $10,000 or alike $10,500.

Technical indicators:

Hourly MACD – The MACD is boring affective into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is acclimation lower and it ability analysis the 50 level.

Major Support Levels – $9,500 followed by $9,200.

Major Resistance Levels – $9,850, $9,900 and $10,000.