THELOGICALINDIAN - Bitcoin amount is adverse a brace of able resistances abreast 11700 and 12025 adjoin the US Dollar BTC charge beat the 12025 barrier to abide college appear the 13000 level
Bitcoin Price Weekly Analysis (BTC)
This accomplished week, bitcoin amount started a strong recovery from the $9,700 beat abutment adjoin the US Dollar. The BTC/USD brace climbed aloft the $10,500 and $11,000 attrition levels. The advancement move was actual absolute back the amount surpassed the $11,200 and $11,500 attrition levels. Finally, the amount bankrupt the $11,800 attrition and the 100 simple affective boilerplate (4-hours).
Finally, there was a breach aloft the $12,000 attrition level, but the amount bootless to abide higher. A beat aerial was formed abreast $12,050 and the amount afresh adapted lower. It akin assets and beneath beneath the $11,500 abutment level. Moreover, there was a breach beneath the 23.6% Fib retracement akin of the advancement move from the $9,650 beat low to $12,050 beat high. The abatement was such that the amount acicular beneath the $11,000 abutment level.
However, the $10,800 akin acted as a able support. Additionally, bitcoin backward aloft the 50% Fib retracement akin of the advancement move from the $9,650 beat low to $12,050 beat high. At the moment, the amount is accumulation abreast the $11,200 akin and the 100 simple affective boilerplate (4-hours). On the upside, there is a above bearish trend band basic with attrition abreast $11,700 on the 4-hours blueprint of the BTC/USD pair.
If there is an upside breach aloft the $11,700 attrition zone, there are affairs of a beginning increase. The abutting actual attrition is abreast the $12,000 level, aloft which the amount could advance appear the $12,500 and $12,800 level. On the downside, there is a abutting bullish trend band basic with abutment abreast $11,000 on the aforementioned chart. However, the capital abutment is abreast the $10,800 level, beneath which there could be able losses.
Looking at the chart, bitcoin amount is acutely advancing for the abutting breach either aloft $12,000 or beneath $10,800. As continued as the amount is aloft $11,000 and $10,800, there are affairs of an upside addendum aloft $12,000.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring affective aback in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloof beneath the 50 level.
Major Support Level – $10.800
Major Resistance Level – $12,000
