THELOGICALINDIAN - Bitcoin amount confused about 15 and bankrupt the 9500 akin adjoin the US Dollar BTC charcoal at a accident of added losses and it seems like the 8800 bearish ambition is still in sight
Bitcoin Price Analysis
This week, we saw a aloft abatement in bitcoin amount beneath the $10,500 abutment adjoin the US Dollar. The BTC/USD brace begin abutment abreast $9,800 and bygone adapted higher. It climbed aloft the $10,500 level, but struggled to accretion drive aloft the $11,000 level. A top was formed abreast the $11,100 akin and the 100 alternate simple affective average. As a result, the amount started a beginning abatement beneath the $10,500 abutment level.
The abatement was such that the amount bankrupt the $10,000 and $9,800 abutment levels. Moreover, the amount beneath abutting to 15% and traded as low as $9,257. It is currently accumulation aloft $9,300 and it ability actual higher. An actual attrition is abreast the $9,680 akin additional the 23.6% Fib retracement akin of the contempo bead from the $11,063 aerial to $9,257 low. However, the capital attrition is abreast the $10,000 and $10,100 levels.
Moreover, there is a new abutting bearish trend band basic with attrition abreast $10,060 on the alternate blueprint of the BTC/USD pair. The 50% Fib retracement akin of the contempo bead from the $11,063 aerial to $9,257 low is additionally abreast the $10,160 akin to act as a able resistance. Therefore, an upside accretion aloft the $9,650 akin is acceptable to face a able attrition abreast the $10,000 and $10,100 levels.
Conversely, if there is no accretion aloft $9,650 or $10,000, the amount could abide to decline. An actual abutment is abreast the $9,200 level, beneath which it could alike breach the $9,000 abutment zone. The main ambition could be $8,880 (as discussed in the account anticipation back the amount was able-bodied aloft $10,500).
Looking at the chart, bitcoin amount is disturbing beneath $10,000 and it could abide to weaken. However, already the accepted alteration is complete abreast $8,880 or $8,800, the amount may date a appropriate recovery.
Technical indicators:
Hourly MACD – The MACD is about to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is acceptable to actual college appear the 40 level.
Major Support Levels – $9,200 followed by $9,000.
Major Resistance Levels – $9,650, $9,800 and $10,000.
