THELOGICALINDIAN - Bitcoin amount is currently trading in a ambit beneath 10500 adjoin the US Dollar BTC could abatement added if it continues to attempt beneath the 10500 level
Bitcoin Price Analysis
In the accomplished few sessions, bitcoin amount remained in a bearish zone beneath $10,600 adjoin the US Dollar. The abatement was such that the BTC/USD brace bankrupt the $10,200 abutment breadth as well. Moreover, the amount acicular beneath the $10,100 level. A new beat low was formed abreast the $10,054 and afresh the amount adapted higher. It acicular aloft $10,400, but the beasts bootless to accretion absorption aloft the $10,500 level.
A beat aerial was formed abreast $10,529 and the amount is currently acclimation lower. The amount bankrupt the $10,400 akin additional the 50% Fib retracement akin of the aftermost beachcomber from the $10,054 low to $10,529 high. Moreover, the amount is trading able-bodied beneath the $10,350 akin and the 100 alternate simple affective average. An actual abutment is abreast the $10,250 akin and the 61.8% Fib retracement akin of the aftermost beachcomber from the $10,054 low to $10,529 high.
If there is a downside breach beneath the $10,250 support, the amount could revisit the $10,050 abutment area. Any added losses could advance abatement beneath the $10,050 and $10,000 levels. A bright breach beneath the $10,000 akin ability alarm for a bead to $9,500.
On the upside, an actual attrition is abreast the $10,350 and $10,400 levels. Moreover, there is a abutting bearish trend band basic with attrition abreast $10,450 on the alternate blueprint of the BTC/USD pair. The 100 alternate SMA is additionally abreast the $10,400 level. Therefore, it won’t be accessible for the beasts to advance the amount aloft the $10,400 and $10,500 attrition levels.
Looking at the chart, bitcoin amount is adverse an access in affairs absorption beneath the $10,500 level. As continued as the amount is trading beneath the $10,500 level, there are affairs of added downsides. If not, the amount could billow appear the $11,000 level.
Technical indicators:
Hourly MACD – The MACD is about to move aback into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now aloof beneath the 50 level.
Major Support Levels – $10,250 followed by $10,050.
Major Resistance Levels – $10,400, $10,500 and $10,550.
