THELOGICALINDIAN - Bitcoin amount is accepting bullish drive aloft 10300 adjoin the US Dollar BTC charge breach 10450 and 10500 to abide college in the advancing sessions
Bitcoin Price Analysis
This week, we saw multiple tests of the $10,000 support by bitcoin amount adjoin the US Dollar. However, the bears bootless to accretion ascendancy beneath $10,000. As a result, the amount started a beginning access from the $9,893 beat low. The amount bankrupt the $10,000 and $10,200 attrition levels to move into a abbreviate appellation absolute zone. Moreover, there was a abutting aloft the $10,250 akin and the 100 alternate simple affective average.
During the rise, the amount surpassed the 50% Fib retracement akin of the aftermost key abatement from the $10,598 aerial to $9,893 low. Moreover, yesterday’s accent key crumbling approach was breached with attrition abreast $10,140 on the alternate blueprint of the BTC/USD pair. The brace alike traded aloft the $10,400 attrition level. However, the $10,500 attrition breadth is still intact.
At the moment, the amount is adverse hurdles abreast the 76.4% Fib retracement akin of the aftermost key abatement from the $10,598 aerial to $9,893 low. If there is an upside breach aloft $10,450 and $10,500, the amount could abide to acceleration in the advancing sessions. In the mentioned case, the amount is acceptable to accretion drive aloft the $10,590 and $10,600 levels.
Conversely, if there is a downside correction, the amount could analysis the $10,200 abutment area. Additionally, the 100 alternate SMA is additionally abreast the 100 alternate SMA. If there a abutting beneath the 100 alternate SMA, the amount is acceptable to resume its decline and revisit the $10,000 abutment area. More importantly, a acceptable abutting beneath the $10,000 abutment ability alpha a able abatement in the advancing sessions.
Looking at the chart, bitcoin amount is trading with a absolute bent aloft the $10,200 akin and the 100 alternate SMA. Therefore, there are affairs of a appropriate acceleration aloft the $10,450 and $10,500 level. Conversely, alone a abutting beneath $10,200 ability atom beginning bearish moves.
Technical indicators:
Hourly MACD – The MACD is boring affective aback into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied aloft the 50 level.
Major Support Levels – $10,200 followed by $10,000.
Major Resistance Levels – $10,450, $10,500 and $10,600.
