THELOGICALINDIAN - Bitcoin amount is assuming absolute signs aloft 10000 adjoin the US Dollar BTC could acceleration steadily as continued as there is no abutting beneath the 10000 abutment area
Bitcoin Price Weekly Analysis (BTC)
In the aftermost account forecast, we saw bitcoin amount captivation the key $10,000 abutment breadth adjoin the US Dollar. The BTC/USD brace climbed college and traded aloft the $10,000 attrition area. Moreover, there was a breach aloft the $10,800 akin and the 100 simple affective boilerplate (4-hours). However, the amount bootless to abide college and topped beneath the $11,000 resistance.
A beat aerial was formed abreast $10,954 and afresh the amount started a beginning decline. It bankrupt the key $10,500 abutment breadth and the 100 SMA. Moreover, the amount acicular beneath the $10,000 abutment area. Finally, a beat low was formed abreast $9,903 and the amount is currently acclimation higher. It bankrupt the 23.6% Fib retracement akin of the aftermost abatement from the $10,954 aerial to $9,903 low.
However, the advancement move is facing hurdles abreast the $10,400 and $10,500 levels. Additionally, the amount is additionally disturbing to ascend aloft the 50% Fib retracement akin of the aftermost abatement from the $10,954 aerial to $9,903 low. If there is a breach aloft the $10,450 and $10,500 levels, the amount could abide to rise. The abutting key attrition is abreast the $10,800 level.
On the downside, there are abounding supports abreast the $10,100 and $10,000 levels. Additionally, there is a above bullish trend band basic with abutment abreast $10,140 on the 4-hours blueprint of the BTC/USD pair. If there is a downside break beneath the trend band and the $10,000 support, the amount could resume its decline.
Looking at the chart, bitcoin amount seems to be accumulation in a application ambit beneath the $10,500 resistance. It ability anon breach the $10,500 attrition and abide higher. Conversely, a downside breach beneath $10,000 could alpha a able abatement in the advancing sessions.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring affective aback into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently abiding aloft the 50 level.
Major Support Level – $10,000
Major Resistance Level – $10,500
