THELOGICALINDIAN - Bitcoin amount is trading with a bullish bent aloft 10000 adjoin the US Dollar BTC charcoal buy on dips as continued as there is no circadian abutting beneath 10000
Bitcoin Price Weekly Analysis (BTC)
In the aftermost account forecast, we discussed the importance of the $10,000 resistance for bitcoin amount adjoin the US Dollar. The BTC/USD brace remained able-bodied bid and managed to beat the $10,000 resistance. Moreover, there was a breach aloft the $10,500 attrition and the 100 simple affective boilerplate (4-hours). Finally, the price climbed aloft the $10,800 level and traded abutting to the $11,000 level.
A beat aerial was formed abreast $10,949 afore the amount started a downside correction. There was a aciculate abatement beneath the $10,800 and $10,500 abutment levels. Moreover, there was a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $9,300 low to $10,949 high. Finally, there was a breach beneath the $10,400 level. However, the amount backward aloft the $10,000 abutment and the 100 SMA.
Additionally, the amount is trading accurately aloft the 50% Fib retracement akin of the aftermost beachcomber from the $9,300 low to $10,949 high. There is additionally a key bullish trend band basic with abutment abreast $10,200 on the 4-hours blueprint of the BTC/USD pair. If there is a downside breach beneath the trend band support, there could be a aciculate abatement beneath $10,000 in the abreast term.
On the upside, an antecedent attrition is abreast the $10,600 level. If there is an upside breach aloft $10,600, the amount could revisit the $10,800 resistance. Finally, a abutting aloft the $11,000 akin may conceivably set the clip for a beyond advancement move appear the $11,700 level.
Looking at the chart, bitcoin amount seems to be acclimation gains, but it is trading accurately aloft the $10,200 abutment area. The capital abutment is abreast $10,000, beneath which the amount could about-face bearish in the advancing sessions. On the upside, the amount ability abide to attempt abreast $10,800 and $11,000. Overall, there could be addition dip appear $10,100 afore a beginning increase.
Technical indicators
4 hours MACD – The MACD for BTC/USD is about to move aback into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is boring ascent appear the 55 level.
Major Support Level – $10,000
Major Resistance Level – $10,800
