THELOGICALINDIAN - Bitcoin amount is assuming a few bearish signs beneath the 10500 abutment adjoin the US Dollar BTC amount ability anon analysis the key 10000 abutment akin area the beasts could emerge
Bitcoin Price Analysis
Recently, we saw an advancement move in bitcoin amount aloft the $10,500 akin adjoin the US Dollar. The BTC/USD brace alike traded aloft the $10,600 level, but it bootless to beat the $10,700 resistance. A beat aerial was formed abreast $10,687 and the amount started a beginning decline. Yesterday, we discussed the chances of a downside thrust and it seems like the accepted bearish beachcomber could extend beneath $10,200.
During the decline, there was a breach beneath a bullish trend band basic with abutment abreast $10,470 on the alternate blueprint of the BTC/USD pair. The brace alike acclimatized beneath the $10,500 akin and the 100 alternate simple affective average. Finally, the amount bankrupt the $10,200 abutment akin and acicular appear $10,100. A beat low was formed at $10,076 and the amount is currently acclimation higher.
It bankrupt the 23.6% Fib retracement akin of the contempo bead from the $10,687 aerial to $10,076 low. However, the amount is disturbing to breach the $10,400 attrition level. Moreover, there is a new bearish trend band basic with attrition abreast $10,350 on the aforementioned chart. Besides, the amount was alone abreast the 50% Fib retracement akin of the contempo bead from the $10,687 aerial to $10,076 low.
The accepted amount activity seems bearish, suggesting added losses beneath $10,200 and $10,100. The amount ability alike acicular beneath the $10,000 abutment area. The abutting important abutment beneath $10,000 is abreast the $9,800 level.
Looking at the chart, bitcoin amount is acutely adverse a lot of hurdles abreast $10,400 and $10,500 (the antecedent supports). To alpha a appropriate advancement move, the amount needs to beat the $10,500 attrition and the 100 alternate SMA. If not, there is a accident of a downside addendum beneath $10,000 in the abreast term.
Technical indicators:
Hourly MACD – The MACD is assuming abrogating signs in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied beneath the 50 level, with a bearish angle.
Major Support Levels – $10,000 followed by $9,800.
Major Resistance Levels – $10,400, $10,500 and $10,800.
