THELOGICALINDIAN - Bitcoin amount is accepting drive aloft 10500 adjoin the US Dollar BTC amount is acceptable to extend assets aloft the 11000 and 11200 attrition levels
Bitcoin Price Weekly Analysis (BTC)
In the accomplished few days, there was a steady rise in bitcoin amount aloft the $10,200 attrition adjoin the US Dollar. The BTC/USD brace climbed college and acquired absorption aloft the $10,500 and $10,800 attrition levels. There was a abiding abutting aloft the $10,200 attrition and the 100 simple affective boilerplate (4-hours). A beat aerial was formed abreast $10,940 and the amount is currently acclimation lower.
An actual abutment is abreast the $10.750 level. Moreover, there is a above ascendance approach basic with abutment at $10,700 on the 4-hours blueprint of the BTC/USD pair. Beneath the approach support, the 23.6% Fib retracement akin of the aftermost advancement move from the $9,125 low to $10,941 aerial ability act as a support. Additionally, the capital abutment is abreast the $10.500 level, beneath which there are affairs of an continued abatement in the abreast term.
The abutting above abutment is abreast the $10,200 and $10,000 abutment levels. The 50% Fib retracement akin of the aftermost advancement move from the $9,125 low to $10,941 aerial is additionally acceptable to act as a support. Moreover, the 100 SMA is additionally abreast the $10,050 level, which is acceptable to act as a strong support. On the upside, there is a key attrition abreast the $11,000 level.
If there is an upside breach aloft the $11,00 level, there are affairs of added gains. If there is a acknowledged abutting aloft the $11,000 resistance, the abutting stop for the beasts could be abreast the $11,200 level. Overall, any added upsides will best acceptable advance the amount appear the $11,500 and $11,650 levels.
Looking at the chart, bitcoin amount is assuming a lot of absolute signs aloft the $10,200 abutment and the 100 SMA. Therefore, as continued as the amount is aloft the $10,200 axis level, the amount is acceptable to abide college and the beasts ability aim $11.2K or $11.5K.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring affective aback in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation lower appear the 50 level.
Major Support Level – $10,500
Major Resistance Level – $11,000
