THELOGICALINDIAN - Bitcoin amount is beneath burden beneath the 10000 abutment adjoin the US Dollar BTC amount is acceptable to abide lower and it seems like the bears are eyeing a analysis of 9200
Bitcoin Price Analysis
In the accomplished two days, there was a steady decline in bitcoin amount from able-bodied aloft $10,500 adjoin the US Dollar. The BTC/USD brace traded beneath the $10,200 and $10,000 abutment levels to access a bearish zone. Moreover, there was a breach beneath the 50% Fib retracement akin of the advancement move from the $9,248 low to $11,200 beat high. It opened the doors for added losses beneath the $10,000 support.
More importantly, the amount acclimatized beneath the $10,000 abutment and the 100 alternate simple affective average. At the outset, the amount is trading beneath the $9,800 support. Moreover, the amount alike bootless to break aloft the 76.4% Fib retracement akin of the advancement move from the $9,248 low to $11,200 beat high. Therefore, there is a accident of added losses appear the $9,300 and $9,200 levels.
The aftermost beat low abreast $9,248 ability act as a support. However, if there are added losses beneath $9,248, the amount may advance appear the $9,100 level. The abutting above abutment is abreast the $8,800 level. The 1.236 Fib addendum akin of the advancement move from the $9,248 low to $11,200 beat aerial is additionally abreast $8,800. On the upside, there is a strong resistance basic abreast $9,950 and $10,000.
Besides, yesterday’s accent key bearish trend band is complete with attrition abreast $10,000 on the alternate blueprint of the BTC/USD pair. Therefore, a abutting aloft the $10,000 akin ability a abbreviate appellation recovery. The abutting aloft attrition is abreast the $10,400 akin and the 100 alternate simple affective average. A acknowledged abutting aloft $10,400 is bare for a beginning access to $11,000.
Looking at the chart, bitcoin amount is beneath a lot of burden beneath $9,800 and it ability abide to slide. Overall, it seems like the bears are eyeing a analysis of the aftermost beat low abreast $9,248.
Technical indicators:
Hourly MACD – The MACD is accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 40 level, with bearish signs.
Major Support Levels – $9,500 followed by $9,248.
Major Resistance Levels – $10,000, $10,200 and $10,400.
