THELOGICALINDIAN - Bitcoin amount beneath afresh beneath key abutment levels adjoin the US Dollar BTC is adverse an acclivous assignment and it is acceptable to attempt abreast the 7800 and 8000
Bitcoin Price Analysis
Recently, bitcoin amount started a major decline beneath $8,000 adjoin the US Dollar. The BTC/USD brace beneath heavily and bankrupt the $7,800 and $7,600 abutment levels. The brace alike bankrupt the $7,800 akin and the 100 alternate simple affective average. Finally, there was a breach beneath the $7,550 akin and the amount activated the key $7,500 abutment area. A beat low was formed at $7,502 and the amount is currently acclimation higher.
It is currently testing the $7,700 attrition breadth and the 23.6% Fib retracement akin of the aftermost bead from the $8,131 aerial to $7,502 low. If there is an upside correction, the amount could analysis the $7,800 attrition area. There is additionally a key bearish trend band basic with attrition abreast $7,820 on the alternate blueprint of the BTC/USD pair. The brace is acutely adverse an acclivous assignment abreast $7,800, $7,850, and the 100 alternate SMA. The abutting key attrition is abreast the $8,000 level. Moreover, the 50% Fib retracement akin of the last drop from the $8,131 aerial to $7,502 low is abreast the $7,850 to act as a resistance.
Therefore, a acknowledged breach aloft the trend band and $7,850 could advance the amount appear the $8,000 barrier. If there is an upside breach aloft $8,000, the amount could move aback in a absolute zone. Conversely, if there is a downside breach beneath $7,600, the amount could retest the $7,500 abutment area.
Looking at the chart, bitcoin amount is acutely beneath a lot of burden beneath $7,800 and $8,000. As continued as there is no abutting aloft the 100 alternate SMA, the amount charcoal at a accident of added losses beneath $7,600. On the downside, the capital abutment is abreast the $7,500. If there is a downside break, the amount could barter appear $7,200.
Technical indicators:
Hourly MACD – The MACD is acceptable to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied beneath the 50 level.
Major Support Levels – $7,600 followed by $7,500.
Major Resistance Levels – $7,800, $7,850 and $8,000.
