THELOGICALINDIAN - Bitcoin amount is accepting bullish drive aloft 10500 adjoin the US Dollar BTC ability actual lower but it is acceptable to animation aback from the 10400 support
Bitcoin Price Analysis
Yesterday, we saw a nice advancement move in BTC, Ethereum and ripple adjoin the US Dollar. The beasts acquired absorption and pushed bitcoin aloft the $10,400 and $10,500 attrition levels. Moreover, there was a abutting aloft the $10,500 attrition and the 100 alternate simple affective average. It opened the doors for added assets and the amount climbed aloft the $10,650 resistance.
Finally, a new account aerial was formed abreast $10,790 and the amount is currently acclimation lower. It bankrupt the $10,650 akin additional the 23.6% Fib retracement akin of the advancement move from the $10,296 low to $10,790 high. However, the abatement begin abutment abreast the $10,450 level. Additionally, there is a above bullish trend band basic with abutment abreast $10,400 on the alternate blueprint of the BTC/USD pair.
Bitcoin backward able-bodied aloft the 61.8% Fib retracement akin of the advancement move from the $10,296 low to $10,790 high. At the moment, there is a application triangle basic with abutment abreast $10,450 on the aforementioned chart. In the abbreviate term, the amount could abatement appear the $10,450 and $10,400 abutment levels. As continued as the amount is aloft $10,400, there could be addition acceleration appear the $10,800 attrition level.
Conversely, if the amount fails to break aloft the $10,400 support, it could extend its correction. The abutting key abutment is abreast the $10,200 level, additional the 1.236 Fib addendum akin of the advancement move from the $10,296 low to $10,790 high. The capital abutment is abreast the $10,000 level, which is additionally abutting to the 100 alternate simple affective average.
Looking at the chart, bitcoin amount is trading with a absolute bent aloft the $10,450 and $10,400 abutment levels. Even if there is an continued downside correction, the $10,200 akin ability act anticipate declines. On the upside, the abutting set of attrition is abreast the $10,800 and $11,000 levels.
Technical indicators:
Hourly MACD – The MACD is currently placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is captivation the 50 level, with a accessory bearish angle.
Major Support Levels – $10,450 followed by $10,400.
Major Resistance Levels – $10,700, $10,800 and $11,000.
