THELOGICALINDIAN - Bitcoin amount is bottomward about 1000 this anniversary adjoin the US Dollar BTC bears charge to be accurate as there could be a nice accretion in the abreast term
Bitcoin Price Analysis
This week, bitcoin bootless to bright the $8,300 attrition breadth adjoin the US Dollar. BTC amount started a beginning abatement and bankrupt many abutment abreast the $8,000 handle.
As a result, the bears took ascendancy and the amount dived added than 8% in the accomplished three sessions. It bankrupt the $7,800 and $7,600 supports levels. Moreover, there was a bright breach beneath $7,500 and the amount acclimatized beneath the 100 alternate simple affective average.
Finally, a new account low was formed abreast $7,302 and the amount is currently acclimation higher. It recovered aloft the $7,400 level, additional the 23.6% Fib retracement akin of the contempo abatement from the $8,021 aerial to $7,302 low.
At the moment, the amount is accumulation aloft the $7,400 and is adverse hurdles. An actual attrition is abreast the $7,440 level. Additionally, there are two abutting bearish trend curve basic with attrition abreast $7,450 and $7,660 on the alternate blueprint of the BTC/USD pair.
The additional trend band coincides with the 50% Fib retracement akin of the contempo abatement from the $8,021 aerial to $7,302 low. If there is an upside breach aloft the $7,660 resistance, the amount could balance appear the $7,800 and $7,880 attrition levels (the previous supports).
On the downside, the $7,380 akin is an actual support. If there is a downside breach beneath $7,380, the amount could revisit the $7,300 abutment area. Any added losses are acceptable to alarm for a advance appear the $7,200 and $7,120 levels.
Looking at the chart, bitcoin is adverse a able affairs absorption beneath $7,800. Having said that, the amount is bottomward added than $1,000 this week, which agency any added losses ability be limited. Therefore, there are affairs of an upside alteration appear $7,660 and $7,800 in the advancing sessions.
Technical indicators:
Hourly MACD – The MACD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still able-bodied beneath the 30 level.
Major Support Levels – $7,380 followed by $7,300.
Major Resistance Levels – $7,440, $7,660 and $7,800.
