THELOGICALINDIAN - Bitcoin amount is aback in a absolute area aloft 8500 adjoin the US Dollar BTC could actual in the abbreviate appellation but it charcoal able-bodied accurate aloft 8350
Bitcoin Price Analysis
Yesterday, we saw a accessory downside alteration in BTC beneath the $8,200 abutment breadth adjoin the US Dollar. We additionally discussed a accessible bounce as continued as the amount holds the $8,000 abutment breadth and the 100 alternate simple affective average. The amount did breach aloft $8,000 and afresh started a able advancement move. It is up added than 5% and surpassed the $8,350 resistance. Moreover, there was a breach aloft the key $8,500 attrition area.
A new account aerial was formed abreast $8,691 and the amount is currently accumulation gains. It adapted beneath the $8,600 level. However, the 23.6% Fib retracement akin of the contempo assemblage from the $8124 low to $8,691 aerial is acting as a appropriate support. Additionally, there is a abbreviate appellation blemish arrangement basic with abutment abreast $8,540 on the alternate blueprint of the BTC/USD pair.
If there is a downside breach beneath the $8,540 and $8,500 abutment levels, the amount could extend its correction. The abutting key abutment is abreast the $8,400 level. Moreover, the 50% Fib retracement akin of the contempo assemblage from the $8124 low to $8,691 aerial is additionally abreast the $8,407 level. If there are any added losses, the amount may conceivably analysis the $8,350 abutment breadth (the contempo key resistance).
The 61.8% Fib retracement akin of the contempo assemblage from the $8124 low to $8,691 aerial is additionally abreast the $8,340 akin to accommodate support. On the upside, an actual attrition is abreast the $8,620 level. If there is an upside breach aloft $8,620 and $8,650, the amount is acceptable to advance appear the $8,800 level.
Looking at the chart, bitcoin is acutely trading in a absolute area aloft the $8,500 axis level. In the abbreviate term, there could be a downside correction, but the $8,400 and $8,350 levels are acceptable to assure losses.
Technical indicators:
Hourly MACD – The MACD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still able-bodied aloft the 60 level.
Major Support Levels – $8,540 followed by $8,400.
Major Resistance Levels – $8,620, $8,700 and $8,800.
