THELOGICALINDIAN - Bitcoin amount is currently accumulation amid 10500 and 11100 adjoin the US Dollar BTC amount is captivation the key 10500 abutment and it could alpha a beginning increase
Bitcoin Price Analysis
This accomplished week, we saw a able acceleration in bitcoin amount aloft the $10,000 attrition akin adjoin the US Dollar. Moreover, the BTC/USD brace alike bankrupt the $10,500 akin acclimatized aloft the 100 alternate simple affective average. A new 2024 aerial was formed aloft $11,200 at $11,293 afore the amount started a downside correction. There was a breach beneath the $11,000 abutment akin to alpha a abbreviate appellation downside correction.
Moreover, there was a breach beneath a aloft bullish trend band with abutment abreast $10,750 on the alternate blueprint of the BTC/USD pair. The brace alike bankrupt the $10,600 akin afore the beasts appeared aloft the $10,500 level. A beat low was formed abreast $10,523 and bitcoin amount is currently affective higher. It is trading aloft the $10,700 akin and the 23.6% Fib retracement akin of the contempo abatement from the $11,293 aerial to $10,523 low.
On the upside, an actual attrition is abreast the $10,900 level. It coincides with the 50% Fib retracement akin of the contempo abatement from the $11,293 aerial to $10,523 low. Therefore, if there is an upside breach aloft the $10,900 level, the amount could alike ascend aloft $11,000. The abutting key resistances are abreast the $11,200 and $11,250 levels, aloft which the amount ability ascend appear the $11,500 level.
On the downside, the capital supports are $10,600 and $10,500, beneath which there is a accident of an continued abatement in bitcoin. Besides, the abutting key abutment is abreast the $10,380 level, followed by the all-important $9,960 axis level.
Looking at the chart, bitcoin amount is acutely adverse an acclivous assignment abreast the $11,200 and $11,250 levels. Overall, if the beasts abide in action, they ability be able to advance the amount aloft the $11,200 and $11,250 levels. In the mentioned bullish case, the abutting aim for them could be abreast $11,500 or alike $12,000.
Technical indicators:
Hourly MACD – The MACD is about to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now aloft the 50 level, with absolute signs.
Major Support Levels – $10,600 followed by $10,500.
Major Resistance Levels – $10,900, $11,000 and $11,200.
