THELOGICALINDIAN - Bitcoin amount is aback in a bearish area beneath 10250 adjoin the US Dollar BTC is acceptable to extend its abatement if it fails to balance aloft 10250 and 10400
Bitcoin Price Analysis
Yesterday, we saw a fresh abatement in BTC beneath the $10,250 abutment adjoin the US Dollar. It opened the doors for added losses and the amount beneath beneath the $10,100 and $10,000 abutment levels. Moreover, there was a abutting beneath the $10,000 abutment and the 100 alternate simple affective average. The abatement was such that the amount bankrupt the $9,800 abutment and activated the $9,750 level.
A beat low was formed abreast $9,757 and the amount is currently acclimation higher. It is testing the $10,000 attrition additional the 23.6% Fib retracement akin of the contempo abatement from the $10,836 aerial to $9,757 low. However, there are abounding resistances on the upside abreast $10,100 and $10,200 levels. Additionally, there is a crumbling approach basic with attrition abreast $10,100 on the alternate blueprint of the BTC/USD pair.
If there is an upside breach aloft the approach resistance, the amount could actual college appear the $10,250 and $10,300 attrition levels. The 50% Fib retracement akin of the contempo abatement from the $10,836 aerial to $9,757 low is additionally abreast the $10,296 akin to act as a strong resistance. Therefore, an upside alteration appear $10,100 or $10,250 is acceptable to face a able resistance.
If the amount fails to actual aloft the $10,100 attrition or the $10,250 barrier, it could resume its decline. An actual abutment is abreast the $9,750 level, beneath which the bears are acceptable to ambition the $9,500 abutment area. Moreover, an average abutment is abreast the $9,620 level.
Looking at the chart, bitcoin amount is acutely aback in a bearish zone, with a abutting beneath $10,250 and the 100 alternate SMA. Therefore, to alpha a beginning increase, the beasts charge to accretion backbone aloft $10,250 and $10,300. The abutting above attrition is abreast the $10,500 akin and a abutting bearish trend band on the aforementioned chart.
Technical indicators:
Hourly MACD – The MACD is about to move aback into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering, but it is still able-bodied beneath 50.
Major Support Levels – $9,750 followed by $9,500.
Major Resistance Levels – $10,100, $10,250 and $10,300.
