THELOGICALINDIAN - Bitcoin amount is trading in a declivity beneath 10500 and 10800 adjoin the US Dollar BTC amount charcoal at a accident of added losses beneath the 9800 abutment area
Bitcoin Price Weekly Analysis (BTC)
In the aftermost weekly forecast, we discussed the affairs of a able abatement in bitcoin amount to $10,500 adjoin the US Dollar. The BTC/USD brace did abatement in the accomplished few canicule and alike bankrupt the $10,500 abutment level. Moreover, there was a breach beneath $10,000 and a abutting beneath the 100 simple affective boilerplate (4-hours). The abatement was such that the amount alike traded beneath $9,800 and a new account low was formed abreast $9,510.
Recently, the amount started an upside alteration aloft the $10,000 attrition level. Moreover, there was a breach aloft the 23.6% Fib retracement akin of the aftermost above abatement from the $12,337 aerial to $9,510 beat low. However, the antecedent abutment abreast the $10,500 akin is acting as a able resistance. Additionally, there is a bearish assiduity arrangement basic with abutment abreast $10,080 on the 4-hours blueprint of the BTC/USD pair.
If there is a downside breach beneath the $10,000 support, bitcoin amount could resume its decline. An actual abutment is abreast the $9,800 level, beneath which the amount may conceivably revisit the $9,500 abutment level. Finally, if there are added downsides, the amount could analysis the $9,200 and $9,000 levels.
On the upside, there are abounding important resistances abreast $10,500 and $10,800. Moreover, the 50% Fib retracement akin of the aftermost aloft abatement from the $12,337 aerial to $9,510 beat low is abreast the $10,900 level. There is additionally a acute bearish trend band basic with attrition abreast $10,800s. Therefore, a breach aloft the $10,500 and $10,800 attrition levels won’t be accessible in the abreast term.
Looking at the chart, bitcoin amount is acutely trading in a bearish area beneath $10,500. Therefore, there is a accident of added downsides beneath the $10,000 and $9,800 abutment levels. To alpha a able recovery, the amount charge beat the $10,500 and $10,800 attrition levels.
Technical indicators
4 hours MACD – The MACD for BTC/USD is about to move aback into the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently crumbling appear the 25 level.
Major Support Level – $10,000
Major Resistance Level – $10,500
