THELOGICALINDIAN - After bearish moves bitcoin amount started accumulation aloft 9300 adjoin the US Dollar However BTC charge accretion drive aloft 9650 to alpha an advancement move
Bitcoin Price Analysis
After a aciculate decline, bitcoin amount begin abutment abreast the $9,120 akin adjoin the US Dollar. The BTC/USD brace traded as low as $9,126 and recovered aloft the $9,300 and $9,500 levels. Additionally, the brace climbed aloft $9,600, but it struggled to beat the $9,700 resistance. More importantly, there was no breach aloft the 100 alternate simple affective boilerplate (similar to Ethereum and ripple), which is currently abreast $9,650.
The amount topped abreast the $9,708 akin and afresh adapted lower. It bankrupt the $9,600 abutment akin additional the 23.6% Fib retracement akin of the upside move from the $9,126 low to $9,708 high. Moreover, the amount traded beneath the $9,500 level, but the $9,400 breadth seems to be acting as a appropriate support. The 50% Fib retracement akin of the upside move from the $9,126 low to $9,708 aerial is additionally acting as a support.
The capital abutment is abreast the $9,300 area. Therefore, a downside breach and abutting beneath the $9,300 abutment ability advance the amount added lower. The abutting abutment is abreast $9,125, beneath which there is a accident of added losses beneath the $9,000 handle.
On the upside, there are abounding hurdles abreast the $9,500, $9,600 and $9,650 levels. Additionally, there is a abutting bearish trend band basic with attrition abreast $9,500 on the alternate blueprint of the BTC/USD pair. The key attrition is abreast the $9,650 akin and the 100 alternate SMA. If there is a acknowledged breach aloft $9,600 and a chase through aloft $9,700, the amount could alpha a solid advancement move.
Looking at the chart, bitcoin amount is acceptable to alpha a apathetic and abiding accretion aloft $9,600 and $9,700 as continued as there is no bearish breach beneath the $9,300 abutment level. In the bullish scenario, the amount may conceivably balance appear the $10,000 and $10,200 attrition levels.
Technical indicators:
Hourly MACD – The MACD is still placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied beneath the 50 level, with bearish signs.
Major Support Levels – $9,300 followed by $9,125.
Major Resistance Levels – $9,500, $9,650 and $9,700.
