THELOGICALINDIAN - Bitcoin amount fell acutely beneath the 10000 and 9800 supports adjoin the US Dollar BTC amount is currently at a accident of added downsides beneath the 9500 support
Bitcoin Price Analysis
In the accomplished two days, we saw abounding bearish signs for BTC beneath the $10,500 abutment adjoin the US Dollar. Finally, there was a bearish breakdown beneath the key $10,200 and $10,000 abutment levels. Additionally, there was a abutting beneath the $10,000 abutment and the 100 alternate simple affective average. More importantly, there were abundant downsides in Ethereum, ripple, binance coin, EOS and litecoin.
Bitcoin amount is bottomward about 5% in the accomplished few hours and it alike bankrupt the $9,800 and $9,760 abutment level. Moreover, this week’s followed bearish banderole was breached with abutment abreast $10,000 on the alternate blueprint of the BTC/USD pair. It traded to a new account low at $9,533 and it is currently accumulation aloft the $9,500 abutment area. Recently, there was an upside alteration aloft the $9,600 level.
However, the advancement move was capped by the $9,720 akin additional the 23.6% Fib retracement akin of the contempo bead from the $10,304 aerial to $9,533 low. The amount is currently disturbing to balance aloft the $9,650 and $9,700. Aloft these, the abutting key attrition is abreast the $10,000 level. The 50% Fib retracement akin of the contempo bead from the $10,304 aerial to $9,533 low is additionally abreast the $9,920 akin to act as a resistance.
Therefore, an upside alteration appear the $9,800 and $10,000 levels could face a able affairs absorption in the abreast term. On the downside, an actual abutment is abreast the $9,500 level. If there is a downside breach beneath the $9,500 support, the amount could abide to abatement appear the $9,200 abutment area.
Looking at the chart, bitcoin amount is acutely trading in a declivity beneath $9,800 and $10,000. Any upside accretion is acceptable to face sellers abreast $9,800 and $9,850. On the downside, the bears are acceptable to aim for a breach beneath $9,500.
Technical indicators:
Hourly MACD – The MACD is boring accident drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the oversold area.
Major Support Levels – $9,500 followed by $9,200.
Major Resistance Levels – $9,700, $9,800 and $10,000.
