THELOGICALINDIAN - Bitcoin amount accomplished the key 11000 abutment breadth adjoin the US Dollar BTC is currently accumulation and seems to be advancing for the abutting move either aloft 11400 or appear 10800
Bitcoin Price Analysis
Yesterday, we saw a aciculate abatement in bitcoin amount beneath the $12,000 abutment adjoin the US Dollar. The BTC/USD brace alike acclimatized beneath the $12,000 abutment breadth and the 100 alternate simple affective average. Moreover, there was a breach beneath the $11,800 abutment and the $11,500 axis level. The amount traded abutting to the $11,000 abutment and formed a new account low at $10,958. Similarly, there were abundant losses in Ethereum, BCH and ripple.
Recently, there was an upside alteration aloft the $11,200 level. Moreover, the amount bankrupt the 50% Fib retracement akin of the contempo abatement from the $11,829 aerial to $10,958 low. However, the advancement move was capped by the $11,500 attrition level. The 61.8% Fib retracement akin of the contempo abatement from the $11,829 aerial to $10,958 low additionally acted as a resistance.
At the outset, the amount is accumulation losses aloft the $11,000 abutment level. On the upside, there is a key bearish trend band basic with attrition abreast $11,400 on the alternate blueprint of the BTC/USD pair. If there is an upside breach aloft $11,400 and $11,500, bitcoin amount could balance appear the $11,650 and $11,700 levels. However, the capital attrition for the beasts is abreast the $11,800 akin (the antecedent support).
Conversely, there could be added losses if there is no breach aloft $11,400 and $11,500. The main supports on the downside are abreast $11,000 and $10,800. If there is a downside breach beneath $10,800, the amount may advance abatement appear the $10,000 level.
Looking at the chart, bitcoin amount seems to be advancing for the abutting move either aloft the $11,400 akin or beneath the $11,000 support. As continued as the amount is trading aloft the key $10,800 support, there are affairs of an upside alteration aloft $11,500.
Technical indicators:
Hourly MACD – The MACD is boring affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently convalescent and it could analysis the 45 level.
Major Support Levels – $11,000 followed by $10,800.
Major Resistance Levels – $11,400, $11,500 and $11,800.
