THELOGICALINDIAN - Bitcoin amount is captivation the 9300 abutment akin adjoin the US Dollar However BTC amount charcoal at a accident of a beginning bead if it fails to breach the 9700 and 9800 resistances
Bitcoin Price Analysis
In the accomplished two days, there bearish sharp bearish moves in bitcoin amount beneath $10,000 adjoin the US Dollar. The BTC/USD brace bankrupt the $9,800 and $9,500 abutment levels to access a bearish zone. Moreover, the brace acicular beneath the $9,300 abutment and acclimatized beneath the 100 alternate simple affective average. Finally, the amount traded abutting to the $9,100 akin and formed a new account low at $9,118 afore acclimation higher.
It recovered aloft the $9,300 akin additional the 23.6% Fib retracement akin of the bottomward move from the $10,209 aerial to $9,118 low. The advancement move was absolute as the amount climbed aloft the $9,500 level. However, the amount is now adverse a able attrition abreast the $9,700 level. More importantly, there is a acute application triangle basic with attrition abreast $9,700 on the alternate blueprint of the BTC/USD pair.
Additionally, the 50% Fib retracement akin of the bottomward move from the $10,209 aerial to $9,118 low is additionally acting as a able resistance. Aloft the $9,700 level, the 100 alternate simple affective boilerplate is abreast the $9,750 akin to act as a resistance. The next key resistance is abreast the $9,800 level, aloft which the amount could date a appropriate accretion appear the $10,200 attrition or $10,400.
Conversely, if there is no upside breach aloft $9,700 or $9,800, the amount could alpha a beginning decrease. An actual abutment is abreast the $9,500 akin and the triangle support. A bright breach beneath $9,500 ability alarm for a solid bead appear the $9,000 handle in the abreast term.
Looking at the chart, bitcoin amount is adverse a able attrition abreast $9,700. Therefore, if there is a bright breach aloft $9,700 and a chase through aloft the 100 alternate SMA, the amount could abide to acceleration positively. If not, there is a accident of addition able abatement appear the $9,000 level.
Technical indicators:
Hourly MACD – The MACD is placed accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloft the 60 level, with absolute signs.
Major Support Levels – $9,500 followed by $9,300.
Major Resistance Levels – $9,700, $9,800 and $10,200.
