THELOGICALINDIAN - Bitcoin amount is currently airy aloft 8200 adjoin the US Dollar However BTC is still adverse a lot of hurdles on the upside abreast 8400 and 8500
Bitcoin Price Analysis
Yesterday, BTC traded to a new account low abreast $7,770 adjoin the US Dollar. Later, the amount started an upside alteration aloft the $7,850 and $7,920 attrition levels. Moreover, there was a breach aloft the $8,000 attrition and the 100 alternate simple affective average. During the rise, there was a breach aloft yesterday’s accent crumbling approach with attrition abreast the $8,060 akin on the alternate blueprint of the BTC/USD pair.
The brace alike climbed aloft the $8,200 attrition and activated the $8,350 level. A beat aerial was formed abreast $8,348 and the amount is currently acclimation gains. It is trading appear the 23.6% Fib retracement akin of the contempo backlash from the $7,770 low to $8,348 high. It seems like there is a ascent approach basic with abutment abreast the $8,200 akin on the aforementioned chart.
If there is a downside breach beneath the approach support, the amount could actual lower appear the $8,150 level. The capital abutment on the downside is abreast the $8,050 akin and the 100 alternate simple affective average. Moreover, the 50% Fib retracement akin of the contempo backlash from the $7,770 low to $8,348 aerial is abutting to the $8,060 akin to accommodate support.
Therefore, dips appear the $8,050 akin ability acquisition abutment in the abreast term. Any added declines could advance the amount appear $8,000 or the 61.8% Fib retracement akin of the contempo backlash from the $7,770 low to $8,348 high. On the upside, there are many hurdles abreast $8,350, $8,400 and $8,500. A acknowledged abutting aloft the $8,500 attrition is charge for the amount to move into a absolute zone.
Looking at the chart, bitcoin is airy from the $7,770 beat low. However, the amount is still trading able-bodied beneath the capital $8,500 attrition area. In the abbreviate term, there could be addition dip appear $8,150 or $8,050 afore the amount climbs aloft $8,350.
Technical indicators:
Hourly MACD – The MACD is boring affective into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now acclimation lower appear the 60 level.
Major Support Levels – $8,150 followed by $8,050.
Major Resistance Levels – $8,350, $8,400 and $8,500.
