THELOGICALINDIAN - Bitcoin amount started a able accretion aloft 10500 adjoin the US Dollar However BTC is still disturbing to achieve aloft 11000 and it could resume its abatement in the abreast term
Bitcoin Price Analysis
Recently, we saw a significant decline in bitcoin amount beneath the $11,000 abutment adjoin the US Dollar. The BTC/USD brace additionally acicular beneath the $10,000 abutment and acclimatized beneath the 100 alternate simple affective average. A new account low was formed abreast $9,784 and the amount afresh started an upside correction. There was a able advancement move aloft the $10,300 and $10,500 attrition levels.
Moreover, the amount traded aloft the 23.6% Fib retracement akin of the aftermost key bead from the $11,923 aerial to $9,784 low. Additionally, yesterday’s accent aloft bearish trend band was breached with attrition abreast $10,680 on the alternate blueprint of the BTC/USD pair. The brace alike acicular aloft the 50% Fib retracement akin of the aftermost key bead from the $11,923 aerial to $9,784 low.
However, the amount struggled to authority assets aloft the $11,000 attrition level. It seems like the $11,100 akin and the 100 alternate SMA acted as a hurdle. Besides, the 61.8% Fib retracement akin of the aftermost key bead from the $11,923 aerial to $9,784 low additionally prevented gains. At the moment, the amount is acclimation assets beneath the $10,900 level. It seems like there is a blemish arrangement basic with attrition abreast $11,100 on the aforementioned chart.
If there is a acknowledged abutting aloft the $11,100 attrition and the 100 alternate SMA, there could be a acceptable advancement move appear the $11,500 resistance. Conversely, if there is no abutting aloft $11,000 and $11,100, the amount is acceptable to resume its accelerate in the abreast term.
Looking at the chart, bitcoin amount is acutely adverse a able attrition abreast the $11,000 and $11,100 levels. As continued as the amount is beneath $11,100 and the 100 alternate SMA, the bears abide in control. Therefore, BTC is acceptable to resume its bottomward move.
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 acclimatized aloft the 50 level, but it defective momentum.
Major Support Levels – $10,500 followed by $10,000.
Major Resistance Levels – $11,000, $11,100 and $11,500.
