THELOGICALINDIAN - Bitcoin amount is disturbing to authority assets aloft 8300 adjoin the US Dollar BTC needs to beat the 8500 and 8550 attrition levels to abide higher
Bitcoin Price Weekly Analysis (BTC)
This accomplished week, BTC acquired able bullish drive aloft the $8,300 and $8,350 resistances adjoin the US Dollar. The BTC/USD brace climbed added than 5% and bankrupt the $8,500 and $8,700 attrition levels. Moreover, there was a abutting aloft $8,500 and the 100 simple affective boilerplate (4-hours). A new account aerial was formed abreast the $8,934 akin and after the amount started a sharp bottomward move.
The amount bankrupt the $8,800 and $8,500 abutment levels. Additionally, there was a breach beneath the 50% Fib retracement akin of the advancement move from the $7,763 low to $8,934 high. More importantly, there was a breach beneath a key bullish trend band with abutment abreast $8,420 on the 4-hours blueprint of the BTC/USD pair. The brace alike traded beneath the $8,350 abutment area.
At the moment, the amount is accumulation losses aloft the $8,300 abutment area. It seems like there is a able abutment basic abreast the $8,300 akin and the 100 simple affective boilerplate (4-hours). Moreover, the 61.8% Fib retracement akin of the advancement move from the $7,763 low to $8,934 aerial is additionally abreast the $8,300. If there is a downside breach beneath the $8,300 abutment area, bitcoin amount could move aback into a bearish zone.
The abutting key abutment breadth is abreast the $8,250 level, beneath which it could move appear the $8,000 level. On the upside, there is a aloft hurdle basic abreast the $8,500 and $8,550 levels. A acceptable abutting aloft the $8,550 attrition breadth could set the accent for added upsides in the advancing sessions.
Looking at the chart, bitcoin amount is currently accumulation aloft the key $8,300 abutment area. As continued as there is no circadian abutting beneath $8,300, there are aerial affairs of a beginning access aloft the $8,500 attrition breadth in the abreast term.
Technical indicators
4 hours MACD – The MACD for BTC/USD is acceptable to move aback into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently beneath the 50 level, with a absolute angle.
Major Support Level – $8,300
Major Resistance Level – $8,500
