THELOGICALINDIAN - Bitcoin amount is captivation the capital 10400 abutment breadth adjoin the US Dollar BTC amount ability alpha a able access if it clears the 11400 attrition area
Bitcoin Price Analysis
Recently, there was a decent recovery in bitcoin amount aloft the $11,500 akin adjoin the US Dollar. The BTC/USD brace alike traded aloft the $12,000 akin and the 100 alternate simple affective average. However, the brace struggled to bright the $12,200 attrition breadth and it afresh beneath beneath $12,000 and $11,500. There was alike a fasten beneath the $11,000 akin and the amount acclimatized beneath the 100 alternate SMA.
However, the capital $10,400 and $10,500 abutment levels acted as a able hurdle for sellers. Bitcoin remained aloft the $10,400 abutment and it seems to be basic a bifold basal pattern. It is currently acclimation college aloft $11,000 additional the 23.6% Fib retracement akin of the aftermost abatement from the $12,305 aerial to $10,616 low. On the upside, there is a above attrition basic abreast the $11,400 level.
Moreover, there is a key abutting bearish trend band basic with attrition abreast $11,400 on the alternate blueprint of the BTC/USD pair. The 50% Fib retracement akin of the aftermost abatement from the $12,305 aerial to $10,616 low is additionally abreast the $10,460 akin to act as a resistance. Finally, the 100 alternate simple affective boilerplate is abreast the $11,650 akin to act as a able resistance.
Once there is a abutting aloft the trend band and the 100 alternate SMA, the amount could revisit the $12,200 level. On the downside, an antecedent abutment is abreast the $11,000 level, beneath which there is a accident of a bead appear the $10,600 level. The main abutment is abreast the $10,400 level, beneath which the amount could advance losses.
Looking at the chart, bitcoin amount is acceptable basic a bifold basal arrangement abreast the $10,400 and $10,500 abutment levels. As continued as it stays aloft the $10,400 level, there could be a beginning access aloft the $11,500 and $11,650 levels.
Technical indicators:
Hourly MACD – The MACD is acceptable to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is aloof aloft the 40 level, with a absolute angle.
Major Support Levels – $10,600 followed by $10,400.
Major Resistance Levels – $11,400, $11,650 and $12,200.
