THELOGICALINDIAN - Bitcoin amount is captivation the key 7120 and 7000 abutment levels adjoin the US Dollar BTC is adverse abounding hurdles on the upside abreast 7300 and 7400
Bitcoin Price Analysis
After basic a support abject abreast the $7,120, bitcoin amount climbed college afresh adjoin the US Dollar. The amount rallied aloft the $7,250 and $7,300 attrition levels.
Moreover, there was a fasten aloft the $7,400 akin and the 100 alternate simple affective average. However, the amount struggled to abide abiding aloft the $7,400 akin and formed a beat aerial abreast $7,431.
As a result, the amount akin best assets and beneath beneath $7,300. Besides, it is now trading able-bodied beneath the $7,250 akin and the 100 alternate SMA. A low is formed abreast $7,150 and the amount is currently accumulation losses.
An antecedent attrition is abreast the 23.6% Fib retracement akin of the contempo bead from the $7,431 aerial to $7,150 low. The aboriginal key attrition is abreast the $7,300 level.
Additionally, the 50% Fib retracement akin of the contempo bead from the $7,431 aerial to $7,150 low is abreast the $7,300 level. More importantly, there is a above bearish trend band alive with attrition abreast $7,360 on the alternate blueprint of the BTC/USD pair.
If there is an upside breach aloft the $7,300 level, the 100 alternate SMA, and the bearish trend line, again bitcoin amount could attack to assemblage aloft the $7,400 attrition area.
Conversely, the price ability abide to attempt abreast $7,300 and $7,400. On the downside, the $7,120 akin is a key abutment zone. If there is a downside breach beneath $7,120, the amount could attempt to authority the $7,000 support.
Looking at the chart, bitcoin amount acutely akin best assets and aback to the $7,120 abutment area. It seems like the amount ability fasten to the downside to analysis the $7,000 abutment breadth afore it starts a able acceleration aloft the $7,300 and $7,400 attrition levels.
Technical indicators:
Hourly MACD – The MACD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 50 level, with a accessory bearish angle.
Major Support Levels – $7,120 followed by $7,000.
Major Resistance Levels – $7,300, $7,360 and $7,400.
