THELOGICALINDIAN - Bitcoin amount is beneath burden beneath 10250 adjoin the US Dollar BTC may conceivably advance abatement as continued as there is no abutting aloft the 10400 and 10500 levels
Bitcoin Price Analysis
In the aftermost two analysis, we discussed the chances of added downsides in bitcoin amount beneath $10,400 adjoin the US Dollar. The amount bankrupt the $10,250 abutment breadth and the 100 alternate simple affective average. Moreover, the contempo abatement was such that the amount bankrupt the $10,100 abutment area. Finally, there was a downside fasten beneath the $10,000 akin and a new beat low was formed abreast the $9,938.
Recently, there was an upside alteration aloft the $10,000 level. Moreover, the amount bankrupt the 23.6% Fib retracement akin of the contempo accelerate from the $10,528 aerial to $9,938 low. However, the advancement move was capped by the $10,200 and $10,250 levels. There is additionally a above bearish trend band basic with attrition abreast $10,250 on the alternate blueprint of the BTC/USD pair.
Additionally, the 50% Fib retracement akin of the recent slide from the $10,528 aerial to $9,938 low is acting as a attrition for the bulls. Aloft the trend line, the abutting key attrition is abreast the $10,350 akin and the 100 alternate SMA. Having said that, a acknowledged abutting aloft the $10,400 akin additional the 61.8% Fib retracement akin of the contempo accelerate from the $10,528 aerial to $9,938 low is bare for added gains.
On the downside, the $10,000 akin is an actual support. However, the capital abutment is abreast the $9,950 level. Below $9,950, there are affairs of added losses in the abreast term. The abutting key abutment is abreast the $9,800 level.
Looking at the chart, bitcoin amount is acutely beneath burden and it could abide to accelerate beneath $10,000 in the advancing sessions. If there is a bearish breach beneath the $9,950 level, the amount could arch appear the $9,800 level. The capital axis akin is abreast the $9,500 level.
Technical indicators:
Hourly MACD – The MACD is still affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is able-bodied beneath the 50 level.
Major Support Levels – $10,000 followed by $9,950.
Major Resistance Levels – $10,200, $10,250 and $10,350.
