THELOGICALINDIAN - Bitcoin amount is assuming a few bearish signs beneath 7400 adjoin the US Dollar BTC charge break aloft 7120 to abstain a awful abatement beneath 7000
Bitcoin Price Analysis
Yesterday, we saw a downside alteration in bitcoin amount from the $7,700 attrition area adjoin the US Dollar. The amount traded beneath the $7,400 and $7,300 abutment levels.
Moreover, the amount struggled to break aloft the $7,260 abutment and the 100 alternate simple affective average. It opened the doors for added losses and the amount traded abutting to the $7,160 support.
A low is formed abreast $7,159 and the amount is currently accumulation losses. It seems like there is a abbreviate appellation application triangle basic with attrition abreast $7,240 on the alternate blueprint of the BTC/USD pair.
Besides, the 23.6% Fib retracement akin of the contempo bead from the $7,689 aerial to $7,159 low is abreast the $7,284 level. More importantly, the 100 alternate SMA is positioned abreast the $7,300 level.
Therefore, a acknowledged breach aloft $7,240 and $7,300 ability alpha a appropriate advancement move. The abutting key attrition is abreast the $7,400 akin or the 50% Fib retracement akin of the contempo bead from the $7,689 aerial to $7,159 low.
Additionally, there is a key abutting bearish trend band basic with attrition abreast $7,480 on the aforementioned chart. To alpha a able advancement move, bitcoin amount charge achieve aloft $7,400 and $7,500.
The abutting aloft attrition is abreast the $7,700 level, aloft which the price is acceptable to analysis the $8,000 resistance. On the added hand, the amount could abatement added beneath the $7,160 and $7,120 abutment levels.
If the bears accretion absorption beneath $7,120, there are aerial affairs of a aciculate abatement beneath the $7,000 abutment area. In the mentioned case, the amount is acceptable to revisit the $6,660 area.
Looking at the chart, bitcoin amount is assuming a few bearish signs beneath $7,300 and $7,400. However, it could balance as continued as there is no circadian abutting beneath the $7,120 support.
Technical indicators:
Hourly MACD – The MACD is boring affective into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is crumbling and branch appear the 40 level.
Major Support Levels – $7,160 followed by $7,120.
Major Resistance Levels – $7,300, $7,400 and $7,500.
