THELOGICALINDIAN - Bitcoin amount is boring affective lower appear key supports adjoin the US Dollar BTC is acceptable to animation aback from the 7400 or 7200 abutment levels in the abreast term
Bitcoin Price Analysis
Recently, bitcoin amount struggled to breach the $8,100 and $8,050 attrition levels adjoin the US Dollar. The BTC/USD brace bootless abreast $8,050 afresh and started a downward move beneath $8,000 and $7,940. The amount is currently beneath burden and it bankrupt the $7,800 abutment area. It alike traded beneath the $7,660 abutment akin and the 100 alternate simple affective average. Finally, there was a breach beneath the $7,600 abutment and a new beat low was formed at $7,516.
The amount is currently consolidating, with an antecedent attrition is abreast the $7,780 level. It represents the 50% Fib retracement akin of the contempo abatement from the $8,052 aerial to $7,516 low. Above $7,780, the amount could analysis the $7,900 attrition level. Moreover, the 100 alternate simple affective boilerplate is abutting to the $7,900 akin to prevent upsides. The 76.4% Fib retracement akin of the contempo abatement from the $8,052 aerial to $7,516 low is additionally abreast the $7,925 level. Therefore, the $7,900 breadth could act as a able resistance.
More importantly, there is a above crumbling approach in abode with attrition at $8,000 on the alternate blueprint of the BTC/USD pair. On the downside, the capital abutment is abreast $7,500, beneath which the amount could analysis the $7,425 abutment area. Beneath $7,425, the amount will best acceptable revisit the key $7,220 abutment area.
Looking at the chart, bitcoin amount is currently adverse an access in affairs burden beneath the $7,800 abutment area. The amount ability actual higher, but sellers may abide alive abreast the $7,780, $7,800 and $7,900 levels. On the downside, the beasts are acceptable to assure the $7,500 and $7,400 abutment levels. In the affliction case scenario, the amount could analysis the $7,220 abutment breadth afore starting a solid increase.
Technical indicators:
Hourly MACD – The MACD is acceptable to move aback in the bullish zone, with a few abrogating signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently beneath the 40 level, with a collapsed structure.
Major Support Levels – $7,500 followed by $7,425.
Major Resistance Levels – $7,780, $7,900 and $8,000.
