THELOGICALINDIAN - There were added bearish moves in bitcoin beneath the 10500 abutment adjoin the US Dollar BTC amount is bottomward added than 10 and it could abide lower appear 9200
Bitcoin Price Analysis
Yesterday, there was a minor upside correction aloft the $10,600 level. However, bitcoin amount bootless to accretion drive aloft the $11,000 akin adjoin the US Dollar. As a result, there was a beginning abatement and the BTC/USD brace traded beneath the $10,800 and $10,500 abutment levels. More importantly, there was a breach beneath the $10,200 abutment and the 100 alternate simple affective average.
Finally, there was a breach beneath the $10,000 abutment and the amount traded to a new beneath $9,800. The contempo beat low was formed at $9,792 and the amount charcoal at a accident of added losses. On the upside, an antecedent attrition is abreast the $10,100 akin or the 23.6% Fib retracement akin of the contempo abatement from the $10,749 aerial to $9,792 low. However, the capital resistances are abreast the $10,200 and $10,250 levels.
Moreover, there is a aloft crumbling approach basic with attrition abreast $10,270 on the alternate blueprint of the BTC/USD pair. The 50% Fib retracement akin of the contempo abatement from the $10,749 aerial to $9,792 low is additionally abreast the approach resistance. Therefore, the amount charge breach the approach attrition and achieve aloft $10,400 to alpha a appropriate recovery. The abutting key resistances are abreast $10,550 and $10,600.
On the downside, an actual abutment is abreast the $9,750 level. If there is a downside break, the amount could alike breach the $9,600 and $9,500 abutment levels. The abutting abutment is abreast $9,420, beneath which the bears ability aim the $9,200 abutment area.
Looking at the chart, bitcoin amount is acutely beneath a lot of burden beneath $10,200. There are affairs of added downsides beneath $9,700 and $9,500. Only a abutting aloft the $10,250 akin and a chase through aloft $10,400 ability abatement the achievability of added downsides appear the $9,200 level.
Technical indicators:
Hourly MACD – The MACD is accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 40 level, with a bearish angle.
Major Support Levels – $9,700 followed by $9,420.
Major Resistance Levels – $10,200, $10,250 and $10,400.
