THELOGICALINDIAN - Bitcoin amount is trading accurately aloft the 11500 and 12200 abutment levels adjoin the US Dollar BTC amount is currently accumulation and seems to be advancing for the abutting break
Bitcoin Price Analysis
Yesterday, there was a sharp access in bitcoin aloft the $12,000 ambition adjoin the US Dollar. The BTC/USD brace alike bankrupt the key $13,000 barrier and acclimatized able-bodied aloft the 100 alternate simple affective average. Finally, there was a solid run appear the $14,000 level. A new 2019 aerial was formed abreast $13,857 afore the amount started a abbreviate appellation bearish correction.
There was a sharp dip in bitcoin beneath the $13,000 and $12,400 abutment levels. Moreover, there was a breach beneath the $12,000 axis akin and the amount traded abutting to the 100 alternate simple affective average. However, the $11,550 akin acted as a able support. Besides, the amount backward accurately aloft a above bullish trend band with abutment at $11,850 on the alternate chart.
BTC is currently acclimation college and is trading aloft $12,250. It acclimatized aloft the $12,000 axis akin and traded aloft the 50% Fib retracement akin of the aftermost abatement from the $13,857 beat aerial to $11,539 low. There was a fasten aloft the $13,000 level, but the $13,300 akin acted as a resistance. Moreover, the 76.4% Fib retracement akin of the aftermost abatement from the $13,857 beat aerial to $11,539 low acted as a hurdle.
At the outset, there is a key blemish arrangement basic with attrition abreast $12,950 on the alternate blueprint of the BTC/USD pair. If there is an upside break, the amount ability alpha a beginning access appear $13,000 and $14,000 in the abreast term. If not, there is a accident of addition bead appear the $12,000 or $11,850 abutment afore a beginning increase.
Looking at the chart, bitcoin amount is acutely acclimation contempo assets and is trading aloft the $12,000 axis level. As continued as there is no circadian abutting beneath $11,500, the amount charcoal able-bodied accurate for added gains.
Technical indicators:
Hourly MACD – The MACD is currently accident drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is aloof beneath the 50 level, with a bearish angle.
Major Support Levels – $12,200 followed by $12,000.
Major Resistance Levels – $13,000, $13,300 and $13,800.
