THELOGICALINDIAN - Bitcoin amount is assuming bearish signs beneath 11500 adjoin the US Dollar BTC amount ability anon abatement beneath the 11200 abutment and extend losses appear 10500
Bitcoin Price Analysis
Recently, bitcoin amount traded beneath the key $11,500 abutment breadth adjoin the US Dollar. The BTC/USD brace additionally acclimatized beneath $11,600 and the 100 alternate simple affective average. It opened the doors for added downside and the amount acicular beneath the $11,200 support. Finally, a beat low was formed at $11,112 and the amount afresh acclimatized aloft the $11,200 axis level.
Moreover, there was an upside correction aloft the $11,400 level. However, the accretion was capped by the $11,600 attrition area. More importantly, the 50% Fib retracement akin of the abatement from the $11,976 aerial to $11,112 low acted as a resistance. The amount is now trading with a bearish bend beneath the $11,500 level. Besides, it is testing the 50% Fib retracement akin of the advancement move from the $11,112 low to $11,581 high.
On the downside, there is a able abutment abreast the $11,200 level. The 61.8% Fib retracement akin of the advancement move from the $11,112 low to $11,581 aerial ability additionally act as a support. Therefore, a downside breach beneath the $11,200 abutment could alpha addition drop. The abutting above abutment is abreast $11,000, beneath which bitcoin amount could abatement appear $10,500 (as discussed in the account forecast).
On the upside, there are abounding hurdles abreast the $11,500 and $11,600 levels. Moreover, there are two key bearish trend curve basic with attrition abreast $11,400 and $11,600 on the alternate blueprint of the BTC/USD pair. Therefore, a acknowledged abutting aloft the $11,500 and $11,600 levels is bare for a beginning advancement move.
Looking at the chart, bitcoin amount is acutely disturbing to balance aloft the $11,600 attrition and the 100 alternate simple affective average. As continued as there is no circadian abutting aloft $11,600 and $11,800, there is a accident of added losses in the abreast term.
Technical indicators:
Hourly MACD – The MACD is accepting drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently affective lower and is beneath 50.
Major Support Levels – $11,200 followed by $11,000.
Major Resistance Levels – $11,500, $11,600 and $11,800.
