THELOGICALINDIAN - Bitcoin amount is adverse an acclivous assignment with abounding hurdles abreast 12024 adjoin the US Dollar BTC charcoal accessible as continued as there is no abutting aloft the 12024 axis level
Bitcoin Price Analysis
Recently, we saw a aloft abatement in bitcoin amount beneath the $11,500 akin adjoin the US Dollar. The BTC/USD brace alike traded appear the $11,000 abutment akin and acclimatized beneath the 100 alternate simple affective average. A beat low was formed abreast the $10,990 akin and afresh there was an upside correction. There was a breach aloft the $11,500 akin and the 23.6% Fib retracement akin of the aloft bead from the $13,195 aerial to $10,990 low.
Moreover, the amount alike bankrupt the $11,800 akin and traded abutting to the $11,900 level. However, the upside remained capped beneath the $12,000 level. The amount alike bootless to analysis the 50% Fib retracement akin of the above bead from the $13,195 aerial to $10,990 low. Besides, the amount remained beneath the 100 alternate SMA and $12,000. It is currently trading lower beneath the $11,800 level.
There is an ascendance approach basic with abutment abreast $11,550 on the alternate blueprint of the BTC/USD pair. The brace is currently trading abreast the approach support, beneath which the amount is acceptable to analysis $11,500. If there are added losses, the amount may alike breach the $11,400 akin and extend losses. The capital abutment is abreast the $11,000 level, beneath which the last band of aegis is abreast the $10,880 level.
On the upside, there are abounding hurdles abreast the $11,800 and $12,000 levels. To alpha a beginning increase, the amount charge abutting aloft the $12,000 attrition and the 100 alternate SMA. The abutting attrition could be abreast $12,250 and the 61.8% Fib retracement akin of the above bead from the $13,195 aerial to $10,990 low.
Looking at the chart, bitcoin amount is acclimation disturbing to abide college aloft $11,800 and $11,900. Therefore, there is a accident of a downside breach beneath the $11,500 and $11,400 levels in the abreast term.
Technical indicators:
Hourly MACD – The MACD is affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently crumbling and is beneath 50 level.
Major Support Levels – $11,500 followed by $11,400.
Major Resistance Levels – $11,800, $12,000 and $12,250.
