THELOGICALINDIAN - Bitcoin amount is aback in a abrogating area beneath 10000 adjoin the US Dollar BTC is adverse acclivous assignment and it ability face sellers abreast 9925 and 10000
Bitcoin Price Analysis
This week, we saw alignment moves in bitcoin beneath the $10,300 resistance adjoin the US Dollar. BTC struggled to ascend college and afresh bankrupt abounding key supports abreast the $10,200 and $10,150 levels. Moreover, there was a abutting beneath the $10,150 akin and the 100 alternate simple affective average. It opened the doors for a aciculate abatement beneath the $10,000 abutment area.
More importantly, there was a breach beneath a application triangle with abutment at $10,150 on the alternate blueprint of the BTC/USD pair. The brace alike bankrupt the $9,900 abutment breadth and traded abutting to the $9,600 level. A beat low was formed abreast $9,635 and the amount is currently acclimation higher. It bankrupt the 23.6% Fib retracement akin of the contempo accelerate from the $10,210 aerial to $9,635 low.
An actual attrition on the upside is abreast the $9,900 and $9,925 levels. Additionally, the 50% Fib retracement akin of the contempo accelerate from the $10,210 aerial to $9,635 low is abreast $9,925. However, the capital attrition is abreast the $10,000 and $10,050 levels (the previous abutment levels). Therefore, an upside alteration appear the $10,000 akin ability face a able resistance.
On the downside, an actual abutment is abreast the $9,750 level. If there are added downside, the amount could alike breach the contempo low at $9,635. The abutting key abutment breadth is abreast the $9,550 and $9,500 levels, beneath which the beasts ability attempt to assure able declines.
Looking at the chart, bitcoin amount is currently in a bearish breadth beneath the $10,000 level. In the abbreviate term, there could be an upside correction, but the $10,000 breadth could stop the recovery. On the downside, the capital supports for the accepted abatement is abreast the $9,600 and $9,500 levels, area the beasts may booty a stand.
Technical indicators:
Hourly MACD – The MACD is currently placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation college from the oversold readings.
Major Support Levels – $9,750 followed by $9,600.
Major Resistance Levels – $9,925, $10,000 and $10,200.
