THELOGICALINDIAN - Bitcoin amount is assuming a few abrogating signs beneath 10500 adjoin the US Dollar BTC could attempt to balance aloft the 10400 and 10500 attrition levels
Bitcoin Price Analysis
Recently, bitcoin amount struggled to beat the $11,000 resistance breadth adjoin the US Dollar. As a result, there was a downside alteration and BTC/USD traded beneath the $10,600 and $10,500 abutment levels. Moreover, there was a abutting beneath the $10,500 abutment akin and the 100 alternate simple affective average. It opened the doors for added losses beneath the $10,400 level.
The amount traded as low as $10,144 and afresh started an upside correction. There was a breach aloft the $10,300 akin additional the 23.6% Fib retracement akin of the aftermost aloft abatement from the $10,952 aerial to $10,144 low. Additionally, the amount acicular aloft the $10,500 resistance. However, it bootless to abide higher. It additionally struggled to bright the 50% Fib retracement akin of the aftermost aloft abatement from the $10,952 aerial to $10,144 low.
More importantly, there is a key bearish trend band basic with attrition abreast $10,400 on the alternate blueprint of the BTC/USD pair. The brace is currently trading able-bodied beneath the $10,400 level. An actual abutment breadth is abreast the $10,200 level. If there is a downside breach beneath the $10,200 abutment area, there could be a bearish dispatch appear the $10,000 abutment area.
On the upside, the capital resistances are abreast the $10,400 and $10,500 levels. If there is a acknowledged abutting aloft $10,500, the amount could abide to acceleration in the advancing sessions. The abutting key attrition is abreast the $10,650 level. It coincides with the 61.8% Fib retracement akin of the aftermost above abatement from the $10,952 aerial to $10,144 low.
Looking at the chart, bitcoin amount is acutely disturbing to abide college and is trading with a bearish bend beneath the $10,400 level. If the amount continues to abatement and break the $10,200 abutment area, there is a accident of added losses beneath the $10,000 level.
Technical indicators:
Hourly MACD – The MACD is currently affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 50 level.
Major Support Levels – $10,200 followed by $10,100.
Major Resistance Levels – $10,400, $10,550 and $10,650.
