THELOGICALINDIAN - Bitcoin amount nosedived beneath 9000 and activated 8050 adjoin the US Dollar BTC charcoal at a accident of added downsides as continued as it is beneath 9000
Bitcoin Price Analysis
Yesterday, we saw a breakdown in bitcoin beneath the $10,000 abutment breadth adjoin the US Dollar. The amount remained in a bearish area and bankrupt abounding supports abreast $9,800 and $9,500. Moreover, there was a breach beneath the $9,000 abutment and the 100 alternate simple affective average. Finally, the amount traded abutting to the $8,000 akin and registered a awful decline. A low was formed abreast $8,055 and the amount is currently acclimation higher.
There was a breach aloft the $8,250 and $8,400 levels. Moreover, the amount traded aloft the 23.6% Fib retracement akin of the contempo abatement from the $9,779 aerial to $8,055 low. However, the $8,750 akin is acting as a strong resistance. The abutting attrition is abreast the $8,920 level. It coincides with the 50% Fib retracement akin of the contempo abatement from the $9,779 aerial to $8,055 low.
If there is an upside breach aloft $9,000, the amount could balance appear the $9,400 and $9,500 attrition levels. Additionally, there is a acute bearish trend band basic with attrition abreast $9,500 on the alternate blueprint of the BTC/USD pair. An average attrition is abreast $9,120 and the 61.8% Fib retracement akin of the contempo abatement from the $9,779 aerial to $8,055 low.
On the added hand, if the amount continues to attempt abreast $8,750 and $9,000, it could resume its decline. An actual abutment is abreast the $8,400 level, beneath which it could analysis $8,250. If the bears abide in action, there is a affairs of a breach beneath $8,000. The abutting above abutment is abreast the $7,500 level.
Looking at the chart, bitcoin amount is acutely bleeding beneath $9,000 and it ability abide to decline. It seems like there are aerial affairs of a breach beneath $8,000 in the abreast term.
Technical indicators:
Hourly MACD – The MACD is assuming a few absolute signs in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently disturbing to balance aloft the 30 level.
Major Support Levels – $8,250 followed by $8,000.
Major Resistance Levels – $8,750, $8,800 and $9,120.
