THELOGICALINDIAN - Bitcoin amount is trading in a abrogating area beneath 8400 adjoin the US Dollar BTC charge ascend aloft 8400 and 8500 to move aback into a absolute zone
Bitcoin Price Analysis
This accomplished week, we saw a nasty decline from the $8,950 breadth in bitcoin adjoin the US Dollar. The amount beneath heavily and bankrupt the key $8,500 abutment area. Moreover, there was a abutting beneath the $8,500 akin and the 100 alternate simple affective average. It opened the doors for added losses beneath the $8,400 and $8,350 abutment levels. Recently, there was a accretion aloft the $8,400 level, but the amount bootless to accretion clip aloft $8,450.
As a result, there was a beginning abatement from the $8,472 high. During the decline, there was a breach beneath a key ascendance approach with abutment abreast $8,340 on the alternate blueprint of the BTC/USD pair. The brace traded as low as $8,146 and it is currently acclimation higher. It bankrupt the $8,200 akin and the 23.6% Fib retracement akin of the contempo abatement from the $8,472 aerial to $8,146 low.
At the moment, the amount is testing the $8,300 area. Besides, it seems like the 50% Fib retracement akin of the contempo abatement from the $8,472 aerial to $8,146 low is acting as a resistance. On the upside, there are abounding hurdles basic abreast the $8,350 and $8,400 levels. The key attrition is abreast the $8,400 akin and the 100 alternate SMA. It additionally coincides with the 76.4% Fib retracement akin of the contempo abatement from the $8,472 aerial to $8,146 low.
Therefore, a bright abutting aloft the $8,400 akin ability alpha a appropriate recovery. The abutting key resistance is abreast the $8,500 level, aloft which the amount could analysis the $8,800 resistance. Conversely, if the amount fails to balance aloft $8,350 or $8,400, it could resume its decline. An actual abutment is abreast the $8,200 level.
Looking at the chart, bitcoin is acutely trading in a bearish area beneath $8,400 and the 100 alternate SMA. In the abbreviate term, there could be an upside correction, but a breach aloft $8,400 won’t be easy.
Technical indicators:
Hourly MACD – The MACD is currently accident drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is boring aggressive appear the 50 level.
Major Support Levels – $8,200 followed by $8,150.
Major Resistance Levels – $8,350, $8,400 and $8,500.
