THELOGICALINDIAN - Bitcoin amount is assuming signs of an upside alteration adjoin the US Dollar However BTC is adverse two important hurdles abreast the 8500 and 8750 levels
Bitcoin Price Analysis
After trading to a new account low at $7,670, bitcoin started an upside alteration adjoin the US Dollar. The BTC/USD brace bankrupt the $8,000 attrition akin to alpha the contempo recovery. Moreover, there was a abutting aloft the $8,000 akin and the 100 alternate simple affective average. As a result, the amount climbed aloft the $8,150 and $8,200 attrition levels.
More importantly, yesterday’s accent aloft bearish trend band was breached with attrition abreast $8,080 on the alternate blueprint of the BTC/USD pair. The brace acquired backbone aloft $8,300 and surpassed $8,400. It alike acicular aloft the $8,500 akin and traded to a new account aerial at $8,525. At the moment, it seems like the amount is adverse attrition abreast the $8,500 level.
It ability actual lower appear the $8,350 or $8,320 support. Moreover, the 23.6% Fib retracement akin of the contempo beachcomber from the $7,670 low to $8,525 aerial is abreast $8,323 to accommodate support. If the amount fails to break aloft $8,300, it could actual lower appear the key $8,050 and $8,000 abutment levels. Besides, the 50% Fib retracement akin of the contempo beachcomber from the $7,670 low to $8,525 aerial could accommodate abutment abreast $8,100.
The 100 alternate SMA is additionally positioned abreast the $8,100 akin to act as a support. Therefore, a abutting beneath $8,000 and the 100 alternate SMA ability advance the amount aback into a bearish zone. On the upside, an actual attrition is abreast the $8,500 level. However, the main attrition is abreast the $8,750 level (the antecedent abutment area).
Looking at the chart, bitcoin seems to be acclimation college aloft $8,300. Having said that, there are two important barriers for the beasts – $8,500 and $8,750. If they accomplish in allowance $8,750, the amount could acceleration acutely appear $9,000 and $9,200.
Technical indicators:
Hourly MACD – The MACD is now affective accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied aloft the 60 level.
Major Support Levels – $8,300 followed by $8,100.
Major Resistance Levels – $8,500, $8,750 and $9,000.
