THELOGICALINDIAN - Bitcoin amount is trading with an added bearish bent adjoin the US Dollar BTC ability advance its abatement beneath 10200 in the advancing sessions
Bitcoin Price Analysis
Yesterday, we discussed the importance of the $10,250 support for bitcoin adjoin the US Dollar. The brace remained in a abrogating area beneath the $10,400 attrition akin and the 100 alternate simple affective average. As a result, there was a bearish acknowledgment beneath the key $10,300 and $10,250 abutment levels. During the decline, there was a breach beneath yesterday’s accent blemish arrangement with abutment abreast $10,320 on the alternate blueprint of BTC/USD.
The abatement acquired clip beneath the $10,200 level. Moreover, the amount acicular beneath $10,150 and activated the $10,000 abutment level. Recently, it recovered and climbed aback aloft $10,300. However, the advancement move was capped by the $10,350 akin and the 100 alternate simple affective average. More importantly, there is a key bearish trend band basic with attrition abreast $10,340 on the aforementioned chart.
The brace is currently crumbling and is trading beneath the 23.6% Fib retracement akin of the contempo accretion from the $10,000 beat low to $10,348 high. On the downside, an actual abutment is abreast the $10,175 level. It represents the 50% Fib retracement akin of the contempo accretion from the $10,000 beat low to $10,348 high. The capital supports on the downside are abreast the $10,000 and $9,900 levels.
On the upside, there are abounding resistances abreast the $10,300, $10,350 and $10,400 levels. The main attrition is still abreast the $10,500 level. A acknowledged breach aloft the $10,400 akin and a chase through aloft $10,500 is bare for upside dispatch in the abreast term.
Looking at the chart, bitcoin amount is trading in a bearish breadth beneath the $10,300 and $10,400 levels. Therefore, there is a accident of added downsides beneath $10,200. It seems like the amount may conceivably revisit the $10,000 support. Additionally, if the bears abide in action, the amount could analysis the key $9,900 abutment area.
Technical indicators:
Hourly MACD – The MACD is boring affective into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 level, with a bearish angle.
Major Support Levels – $10,175 followed by $10,000.
Major Resistance Levels – $10,300, $10,340 and $10,400.
