THELOGICALINDIAN - Bitcoin amount is adverse a lot of hurdles on the upside abreast 10000 adjoin the US Dollar BTC charcoal advertise on rallies as continued as it is trading beneath the 10000 resistance
Bitcoin Price Weekly Analysis (BTC)
In the aftermost account forecast, we discussed the possibilities of a bottomward move beneath $10,000 in bitcoin amount adjoin the US Dollar. The BTC/USD brace did move bottomward and bankrupt the key $10,000 and $9,800 abutment levels. Moreover, there was a abutting beneath the $10,000 axis and the 100 simple affective boilerplate (4-hours). Finally, there was a breach beneath the $9,800 and $9,500 supports as well.
A new account low was formed abreast $9,300 and the amount is currently accumulation losses. It is testing the 23.6% Fib retracement akin of the contempo abatement from the $10,717 aerial to $9,308 low. However, there are abounding hurdles on the upside abreast the $9,800 and $9,900 levels. Additionally, there is a above bearish trend band basic with attrition abreast $9,980 on the 4-hours blueprint of the BTC/USD pair.
Moreover, the 50% Fib retracement akin of the recent decline from the $10,717 aerial to $9,308 low is additionally abreast the $10,010 level. Therefore, upsides are acceptable to abide capped abreast the $9,800 and $10,000 levels. Above the trend line, the 100 SMA is cat-and-mouse abreast the $10,150 level. The 61.8% Fib retracement akin of the contempo abatement from the $10,717 aerial to $9,308 low is additionally cat-and-mouse abreast the $10,170 level.
On the downside, an actual abutment is abreast the $9,500 level. If there is a downside breach beneath the $9,500 support, the amount may abide to move bottomward beneath the aftermost beat low at $9,300. The abutting key supports are abreast the $9,100 and $9,000 levels.
Looking at the chart, bitcoin amount is acutely trading in a declivity beneath $10,000. In the abbreviate term, there could be an upside correction, but the $9,800 and $10,000 levels are acceptable to act as above advertise zones in the advancing sessions.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring affective into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is boring ascent appear the 50 level.
Major Support Level – $9,500
Major Resistance Level – $10,000
