THELOGICALINDIAN - Bitcoin amount is assuming bearish signs beneath 10000 adjoin the US Dollar BTC is acceptable to abide lower if it break the 9600 low and 9500
Bitcoin Price Analysis
Yesterday, we discussed the chances of added downsides beneath $10,000 in bitcoin adjoin the US Dollar. The amount followed a bearish aisle and bankrupt the $9,850 and $9,800 abutment levels. Moreover, there was a abutting beneath the $9,850 akin and the 100 alternate simple affective average. Finally, the amount acicular beneath the $9,650 abutment and a new account low was formed abreast $9,601.
More importantly, there was a breach beneath yesterday’s accent application triangle with attrition abreast $9,800 on the alternate blueprint of the BTC/USD pair. At the moment, the amount is accumulation losses aloft $9,600. It activated the 23.6% Fib retracement akin of the contempo accelerate from the $10,079 aerial to $9,601 low. An actual attrition is abreast the $9,800 level.
There is additionally a abutting bearish trend band basic with attrition abreast $9,800 on the aforementioned chart. The key attrition is abreast the $9,850 akin (the contempo support). Additionally, the 50% Fib retracement akin of the contempo accelerate from the $10,079 aerial to $9,601 low is abreast the $9,850 level. If there is a breach aloft $9,850, the amount could analysis the $9,950 attrition breadth and the 100 alternate SMA.
To move into a absolute zone, the amount charge achieve aloft $10,000 and the 100 alternate SMA. Conversely, the price ability abide to move down beneath $9,600. The abutting key abutment is abreast the $9,500 and $9,400 levels, beneath which there are affairs of addition accelerate appear the $9,200 level.
Looking at the chart, bitcoin amount is assuming a lot of bearish signs beneath $9,850 and $10,000. Therefore, there are aerial affairs of added downsides beneath the $9,600 level. However, it won’t be accessible for the bears to accretion drive beneath $9,500 in the abreast term. On the upside, the $10,000 akin is now a solid resistance.
Technical indicators:
Hourly MACD – The MACD is acceptable to move aback into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation college appear the 40 level.
Major Support Levels – $9,600 followed by $9,500.
Major Resistance Levels – $9,800, $9,850 and $9,950.
