THELOGICALINDIAN - Bitcoin amount is trading with a bearish bent beneath 10400 adjoin the US Dollar BTC could abide to move bottomward appear the capital 9500 abutment area
Bitcoin Price Weekly Analysis (BTC)
This accomplished week, there were beat moves in BTC beneath the $10,400 attrition area adjoin the US Dollar. The BTC/USD brace beneath acutely beneath the $10,000 abutment and activated the $9,650 level. Later, it bounced aback aloft the $10,000 akin and $10,200 levels. However, the amount struggled to breach the $10,400 attrition breadth and the 100 simple affective boilerplate (4-hours).
As a result, a abbreviate appellation top was formed abreast $10,383 and the amount started a beginning decline. It bankrupt the $10,200 abutment and acclimatized able-bodied beneath the 100 SMA. Additionally, there was a breach beneath the 50% Fib retracement akin of the aftermost above beachcomber from the $9,637 low to $10,383 high. More importantly, there was a breach beneath a acute contacting triangle with abutment abreast $10,010 on the 4-hours blueprint of the BTC/USD pair.
The brace is now trading able-bodied beneath the $10,000 akin and is affective with a bearish angle. An actual abutment is abreast the $9,800 level. It coincides with the 76.4% Fib retracement akin of the aftermost above beachcomber from the $9,637 low to $10,383 high. If there are added downsides, bitcoin amount could revisit the $9,650 abutment area. The capital abutment breadth is abreast the $9,500 and $9,400 levels, beneath which there could be a aciculate bead to $9,000.
On the upside, the contempo abutment abreast the $10,100 akin ability act as a resistance. The key resistances are abreast $10,300, $10,400 and the 100 simple affective boilerplate (4-hours). To alpha a solid advancement move, the amount charge achieve aloft the $10,400 attrition and the 100 simple affective boilerplate (4-hours).
Looking at the chart, bitcoin amount is acutely disturbing to accretion bullish drive aloft $10,200 and $10,300. Therefore, there is a accident of added losses beneath the $9,800 and $9,650 abutment levels.
Technical indicators
4 hours MACD – The MACD for BTC/USD is currently accepting backbone in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 40 level, with bearish signs.
Major Support Level – $9,500
Major Resistance Level – $10,400
