THELOGICALINDIAN - Bitcoin amount is assuming signs of an continued accretion aloft 8500 adjoin the US Dollar BTC is acceptable to acceleration boring unless it break the 8000 abutment area
Bitcoin Price Analysis
After bitcoin bootless abreast the $8,500 resistance, there was a downside alteration adjoin the US Dollar. The BTC/USD traded beneath the $8,400 and $8,300 levels. Moreover, there was a breach beneath the $8,200 level. However, the 100 alternate simple affective boilerplate acted as a abutment and a low was formed abreast $8,175. Recently, the amount started a beginning access and traded aloft the $8,300 level.
There was a breach aloft the 50% Fib retracement akin of the aftermost abatement from the $8,536 aerial to $8,175 low. The amount climbed aloft the $8,350 akin and activated the $8,400 resistance. It seems like the 61.8% Fib retracement akin of the aftermost abatement from the $8,536 aerial to $8,175 low is currently acting as a resistance. If there is an upside breach aloft $8,400, the amount is acceptable to retest $8,500.
If the beasts administer to beat the $8,500 barrier, there are chances of added upsides. The abutting stop for them could be abreast the $8,800 level. The abutting key attrition breadth is abreast the $9,000 level. On the downside, there is a appropriate abutment basic abreast the $8,250 and $8,200 levels. Moreover, there is a new abutting bullish trend band basic with abutment abreast $8,300 on the alternate blueprint of the BTC/USD pair.
If there is addition decline, the trend band abutment or $8,250 ability anticipate losses. If the beasts abort to assure $8,250 and $8,200, the amount may conceivably analysis the $8,000 support. Any added losses may conceivably advance the amount aback into a bearish area appear $7,500.
Looking at the chart, bitcoin is captivation a brace of important supports abreast $8,200. As continued as there is no downside breach beneath $8,200, the amount is acceptable to acceleration boring appear the $8,500 attrition or alike $8,800.
Technical indicators:
Hourly MACD – The MACD is currently in the bullish zone, with absolute signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation lower appear 55 and 50.
Major Support Levels – $8,200 followed by $8,000.
Major Resistance Levels – $8,400, $8,500 and $8,800.
