THELOGICALINDIAN - Bitcoin amount is assuming a lot of bearish signs beneath 10400 adjoin the US Dollar BTC could advance losses if there is a circadian abutting beneath the 10000 support
Bitcoin Price Analysis
This week, we discussed downtrend for bitcoin price beneath the $10,500 axis akin adjoin the US Dollar. The amount acclimatized beneath $10,400 and the 100 alternate simple affective average. Moreover, the amount beneath beneath the $10,250 abutment breadth to move into a abrogating zone. The contempo abatement was such that the amount acicular beneath the $10,000 level. Besides, there were spikes beneath $9,900 and a new account beat low at $9,893.
Recently, there was an upside alteration aloft $10,040 additional the 23.6% Fib retracement akin of the bottomward move from the $10,58 aerial to $9,893 low. However, the amount is adverse hurdles abreast the $10,200 level. It seems like the 50% Fib retracement akin of the bottomward move from the $10,58 aerial to $9,893 low is capping the advancement move.
Additionally, there is a aloft crumbling approach basic with attrition abreast $10,180 on the alternate blueprint of the BTC/USD pair. Aloft the approach resistance, the 100 alternate SMA is positioned abreast the $10,250 level. Therefore, the amount needs to ascend aloft the $10,200 and $10,250 attrition levels to alpha a appropriate recovery. The 61.8% Fib retracement akin of the downward move from the $10,58 aerial to $9,893 low is additionally abreast $10,280.
If there is no upside break, the amount could abide to move bottomward appear $10,000 and $9,900. A downside breach beneath the $9,893 beat low could advance the amount appear the $9,800 abutment area. Any added losses could accessible the doors for a advance appear the $9,500 level.
Looking at the chart, bitcoin amount is assuming bearish signs beneath the $10,200 and $10,250 levels. Therefore, there are aerial affairs of a bearish breach beneath the $10,000 and $9,800 akin in the abreast term. The capital ambition for the bears this anniversary could be $9,650 or $9,500.
Technical indicators:
Hourly MACD – The MACD is about to move aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is about to breach the 50 level.
Major Support Levels – $10,000 followed by $9,900.
Major Resistance Levels – $10,200, $10,250 and $10,350.
