THELOGICALINDIAN - Bitcoin amount is adverse an acclivous assignment abreast 10500 and 10680 adjoin the US Dollar BTC charcoal in a declivity unless the beasts accretion backbone aloft 10500
Bitcoin Price Weekly Analysis (BTC)
In the aftermost account forecast, we discussed the chances of added downsides in bitcoin price beneath $10,500 adjoin the US Dollar. The BTC/USD brace did extend its abatement and traded beneath the $10,200 and $10,000 abutment levels. The abatement was such that the amount alike acicular beneath the $9,800 abutment level. Moreover, there was a abutting beneath the 100 simple affective boilerplate (4-hours) and the aftermost beat low was formed abreast $9,757.
The amount recovered aloft the $10,000 akin additional the 23.6% Fib retracement akin of the contempo bead from the $10,964 aerial to $9,757 low. However, the advancement move was capped abreast the $10,400 and $10,500 attrition levels. Moreover, the amount struggled to accretion drive aloft the 50% Fib retracement akin of the contempo bead from the $10,964 aerial to $9,757 low.
Clearly, there is a strong resistance basic abreast $10,400 and $10,500. More importantly, there is a acute bearish trend band basic with attrition abreast $10,400 on the 4-hours blueprint of the BTC/USD pair. Above the trend line, the abutting key attrition is abreast the $10,680 akin and the 100 simple affective boilerplate (4-hours). It additionally coincides with the 76.4% Fib retracement akin of the contempo bead from the $10,964 aerial to $9,757 low.
Therefore, an upside breach aloft $10,500 and $10,680 could atom a able advancement move in bitcoin. The abutting stop for the beasts could be abreast the $10,900 and $11,000 levels. Conversely, if the amount struggles to accretion absorption aloft $10,400 and $10,500, there could be a beginning decline. An actual abutment is abreast the $10,000 level. However, the capital abutment is abreast the $9,800 area, beneath which the amount could tumble.
Looking at the chart, bitcoin amount is adverse an acclivous assignment abreast $10,400 and $10,500. Until there is a abutting aloft $10,500, the bears abide in action
Technical indicators
4 hours MACD – The MACD for BTC/USD is disturbing to move into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied beneath the 50 level.
Major Support Level – $9,800
Major Resistance Level – $10,500
