THELOGICALINDIAN - Bitcoin amount is disturbing to abide college aloft 10800 abutment adjoin the US Dollar Therefore BTC amount ability abatement appear 10000 afore it could alpha a beginning increase
Bitcoin Price Analysis
After a acknowledged abutting aloft the $10,000 axis level, bitcoin amount extended gains adjoin the US Dollar. The BTC/USD brace bankrupt the $10,500 and $10,800 attrition levels. Moreover, the brace acclimatized aloft the $10,500 akin and the 100 alternate simple affective average. Finally, the amount bankrupt the $11,000 attrition level. Finally, a new beat aerial was formed abreast $11,200 and afresh the amount started a downside correction.
The amount traded beneath the $10,800 abutment akin to alpha the correction. It alike bankrupt the $10,500 abutment akin and acicular appear the $10,000 level. A beat low was formed abreast $10,018 and the amount begin abutment abreast the 100 alternate simple affective average. Bitcoin amount started a appropriate acceleration and bankrupt the $10,400 level. Moreover, there was a breach aloft the 23.6% Fib retracement akin of the contempo accelerate from the $11,200 aerial to $10,018 low.
However, the advancement move is adverse hurdles abreast the $10,700 level. More importantly, the 50% Fib retracement akin of the contempo accelerate from the $11,200 aerial to $10,018 low is capping the advancement move. At the moment, the amount is struggling to accretion momentum aloft the $10,700 and $10,800 levels.
Therefore, if there is an upside breach aloft $10,800, there are affairs of added assets aloft $11,000. On the downside, there are abounding supports abreast the $10,500 level. Moreover, there is a abutting bullish trend band basic with abutment abreast $10,450 on the alternate blueprint of the BTC/USD pair. If there is a downside breach beneath the trend band and the 100 alternate SMA, there could be added downsides appear $10,000 in the advancing sessions.
Looking at the chart, bitcoin amount is acutely disturbing to accretion absorption aloft $10,800. Therefore, if the beasts abide to struggle, there are affairs of a downside advance appear the $10,000 abutment akin afore BTC climbs college afresh appear $11,200.
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 currently affective lower and is beneath the 50 level.
Major Support Levels – $10,400 followed by $10,000.
Major Resistance Levels – $10,800, $11,000 and $11,200.
