THELOGICALINDIAN - Key Points
Bitcoin amount bankrupt key supports abreast $8,200 adjoin the US Dollar. BTC/USD may abide to face affairs absorption abreast $8,100 and $8,200.
Bitcoin Price Analysis
Yesterday, we discussed about a major support abreast $8,240 in bitcoin amount adjoin the US Dollar. The BTC/USD brace bootless to authority the declared $8,240 abutment and alike bankrupt the 100 alternate simple affective average. It opened the doors for added losses and the amount bankrupt the $8,160 abutment level. Sellers took ascendancy and pushed the amount beneath the $8,000 handle. A low was formed beneath $7,900 at $7,860 area buyers dedicated added losses.
At the moment, the amount is accumulation aloft $7,850. An antecedent attrition is abreast the 38.2% Fib retracement akin of the aftermost bead from the $8,253 aerial to $7,860 low. Aloft this, there is a aloft bearish trend line formed with attrition at $8,100 on the alternate blueprint of the BTC/USD pair. More importantly, the 50% Fib retracement akin of the aftermost bead from the $8,253 aerial to $7,860 low is at $8,057. Therefore, if the amount moves aloft $8,000, there are abounding hurdles abreast $8,100, cat-and-mouse to cap upsides.
Looking at the chart, the amount acutely bankrupt a key abutment at $8,160, signaling a concise downtrend. There could be recoveries appear $8,100 and $8,200. However, as continued as the amount is beneath $8,200, it is acceptable to abide beneath affairs pressure.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is mostly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective college from the oversold levels.
Major Support Level – $7,850
Major Resistance Level – $8,100
