THELOGICALINDIAN - Bitcoin amount is trading with a absolute bent aloft the 10000 attrition adjoin the US Dollar aloof like Ethereum and ripple However BTC amount charge beat the 10200 attrition to abide college in the abreast term
Bitcoin Price Analysis
In the accomplished three days, there was a cogent abatement in bitcoin amount beneath the $10,000 abutment adjoin the US Dollar. The BTC/USD brace traded abutting to the $9,500 akin afore the beasts took a stand. A beat low was formed at $9,498 and the amount is currently acclimation higher. It bankrupt abounding important attrition abreast the $9,700 and $9,800 levels. Moreover, there was a breach aloft the 23.6% Fib retracement akin of the bottomward move from the $11,200 beat aerial to $9,500 beat low.
Additionally, this week’s accent aloft bearish trend band was breached with attrition abreast $9,900 on the alternate blueprint of the BTC/USD pair. The brace traded aloft the key $10,000 attrition level. However, the advancement move was capped by the $10,200 akin and the 100 alternate simple affective average. Besides, the 50% Fib retracement akin of the bottomward move from the $11,200 beat aerial to $9,500 beat low is additionally cat-and-mouse abreast the $10,350 level.
Therefore, the amount charge breach the $10,200 attrition and accretion clip aloft $10,350 to abide higher. The abutting important attrition is abreast the $10,800 level. It represents the 76.4% Fib retracement akin of the bottomward move from the $11,200 beat aerial to $9,500 beat low.
Conversely, if the amount fails to beat the $10,200 attrition and the 100 alternate SMA, there could be a bearish reaction. An actual abutment is abreast the $10,000 level, beneath which the amount could revisit the $9,800 abutment area. Moreover, if there are added losses, the amount may conceivably breach the $9,500 abutment and extend losses in the abreast term.
Looking at the chart, bitcoin amount is acutely trading abreast a acute attrition at $10,200. If there is an upside break, the amount could abide to acceleration appear $10,500 and $10,800. If not, the amount could revisit $9,500.
Technical indicators:
Hourly MACD – The MACD is accepting drive in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied aloft the 60 level, with alteration signs.
Major Support Levels – $10,000 followed by $9,800.
Major Resistance Levels – $10,200, $10,350 and $10,800.
