THELOGICALINDIAN - Bitcoin amount is captivation an important abutment abreast 10300 adjoin the US Dollar BTC could acceleration steadily appear 10500 as continued as it is aloft 10250 and 10300
Bitcoin Price Analysis
Recently, bitcoin struggled to accretion drive aloft the $10,400 resistance breadth adjoin the US Dollar. The aftermost beat aerial was formed abreast $10,437 afore the amount started a downside correction. On the added hand, there was a solid advancement move in Ethereum aloft the $185 and $186 attrition levels. At the outset, BTC amount is trading able-bodied beneath the $10,400 attrition level.
The aftermost beat low was abreast $10,270 and afresh the amount adapted higher. It bankrupt the $10,320 and $10,350 levels, additional remained able-bodied aloft the 100 alternate simple affective average. Moreover, there was a breach aloft the 50% Fib retracement akin of the contempo abatement from the $10,437 aerial to $10,270 low. However, the advancement move was capped by the $10,375 level.
It seems like the 61.8% Fib retracement akin of the contempo abatement from the $10,437 aerial to $10,270 low is acting as a hurdles. More importantly, there is a blemish arrangement basic with attrition abreast $10,400 on the alternate blueprint of the BTC/USD pair. If bitcoin break the trend band abutment abreast $10,300 and the 100 alternate SMA, there could be a downside extension. An actual abutment is abreast the $10,250 level, beneath which the amount could arch appear $10,000.
Conversely, if there is an upside breach aloft $10,400, the amount could alpha addition rise. The abutting aloft resistances are abreast $10,440 and $10,500. If the beasts abide in activity aloft $10,500, the amount could alpha a able advancement move aloft the $10,550 and $10,600 levels.
Looking at the chart, bitcoin amount is acutely advancing for the abutting breach either aloft $10,400 or beneath $10,250. The accepted amount activity suggests that the amount could acceleration steadily appear $10,500 as continued as it is aloft the 100 alternate SMA. If not, there are affairs of a beginning bead appear the $10,000 abutment area.
Technical indicators:
Hourly MACD – The MACD is boring affective aback into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is affective college appear the 50 level.
Major Support Levels – $10,300 followed by $10,250.
Major Resistance Levels – $10,400, $10,440 and $10,500.
