THELOGICALINDIAN - Bitcoin amount is convalescent from 11200 adjoin the US Dollar However BTC amount charge breach the 12024 attrition to abide college in the advancing sessions
Bitcoin Price Analysis (BTC/USD)
Yesterday, there was a aciculate assemblage in bitcoin amount aloft the $12,000 attrition adjoin the US Dollar. The BTC/USD brace alike traded aloft the second bullish ambition of $12,200 (as discussed in one of the antecedent analysis). The brace traded to a new account aerial at $12,333 and adapted lower sharply. It traded beneath the $12,000 and $11,800 abutment levels. Furthermore, there was a breach beneath the key $11,500 abutment area.
The amount alike traded beneath the 50% Fib retracement akin of the contempo assemblage from the $10,545 low to $12,333 high. More importantly, yesterday’s accent key bullish trend band was breached with abutment abreast $11,700 on the alternate blueprint of the BTC/USD pair. The brace activated the abutting key abutment abreast the $11,200 akin and the 100 alternate simple affective average.
Moreover, the 61.8% Fib retracement akin of the contempo assemblage from the $10,545 low to $12,333 aerial acted as a appropriate abutment area. Bitcoin amount formed a abject aloft the $11,200 akin and it is currently acclimation higher. It is trading aloft the $11,500 level, with a bullish angle. However, there is a above attrition basic abreast the $11,850 and $12,000 levels.
Therefore, a acknowledged breach aloft the $12,000 akin is bare for a fresh rally. The abutting key resistances are abreast $12,200 and $12,350. Conversely, if the amount fails to beat the $11,850 and $12,000 levels, there could be addition decline. An actual abutment is abreast the $11,500 level. The capital abutment is abreast the $11,200 akin and the 100 alternate SMA.
Looking at the chart, bitcoin amount is acutely adverse an acclivous assignment abreast the $11,850 and $12,000 attrition levels. Having said that, the amount is acceptable to accretion bullish drive as continued as it is trading aloft the $11,200 abutment and the 100 alternate SMA
Technical indicators:
Hourly MACD – The MACD is boring affective aback into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently abreast the 50 level, with a accessory bearish angle.
Major Support Levels – $11,500 followed by $11,200.
Major Resistance Levels – $11,850, $12,000 and $12,200.
