THELOGICALINDIAN - Bitcoin amount is boring crumbling beneath 8200 adjoin the US Dollar However BTC is acceptable to authority the 8000 abutment and it could animation aback aloft 8200
Bitcoin Price Analysis
Yesterday, we saw a nice advancement move in BTC aloft the $8,200 attrition breadth adjoin the US Dollar. The amount alike acclimatized aloft the $8,200 akin and the 100 alternate simple affective average. Moreover, the amount climbed aloft the $8,300 akin and assuredly activated the $8,350 area. A aerial was formed abreast $8,348 and afresh the amount started a downside correction.
There was a breach beneath the $8,200 abutment area. Additionally, the amount traded beneath the 23.6% Fib retracement akin of the advancement move from the $7,770 low to $8,348 high. On the downside, there are a few key supports abreast the $8,100, $8,050 and $8,000 levels. An average abutment is abreast the $8,080 akin and the 100 alternate SMA. Besides, the 50% Fib retracement akin of the advancement move from the $7,770 low to $8,348 aerial is abreast the $8,060 level.
Therefore, dips abide able-bodied accurate on the downside abreast the $8,050 level. At the moment, there is a abbreviate appellation application triangle basic with attrition abreast $8,160 on the alternate blueprint of the BTC/USD pair. If bitcoin breach the $8,160 resistance, there are affairs of a beginning access aloft the $8,200 and $8,300 levels. Finally, a bright breach aloft $8,350 ability advance the amount appear the key $8,500 resistance.
On the added hand, a downside breach beneath $8,050 and the 100 alternate SMA ability access bearish pressure. The abutting key abutment is abreast $8,000 or the 61.8% Fib retracement akin of the advancement move from the $7,770 low to $8,348 high. Should there be a downside breach beneath $8,000, the amount could abide to move down.
Looking at the chart, bitcoin is currently acclimation lower beneath the $8,200 level. However, the $8,050 and $8,000 levels are important supports and the amount is acceptable to animation aback in the abreast term.
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 boring ascent appear the 50 level.
Major Support Levels – $8,050 followed by $8,000.
Major Resistance Levels – $8,160, $8,200 and $8,350.
