THELOGICALINDIAN - Key Points
Bitcoin amount akin its intraday assets adjoin the US Dollar. BTC/USD acclimatized beneath $8,000 and is currently trading in a ambit abreast $7,900.
Bitcoin Price Analysis
Yesterday, there was a alpha of a downward move from the $8,500 beat aerial in bitcoin amount adjoin the US Dollar. The BTC/USD brace beneath and bankrupt the $8,300 and $8,100 abutment levels. There was additionally a abutting beneath the $8,060 abutment akin and the 100 alternate simple affective average. The amount alike bankrupt the $8,000 abutment and traded as low as $7,836.
At the moment, the amount is trading in a ambit abreast the $7,900 level. An antecedent attrition is the 23.6% Fib retracement akin of the aftermost abatement from the $8,500 aerial to $7,836 low. The abutting hurdle is abreast the $7,060 resistance, which was a support earlier. The declared $7,060 attrition additionally coincides with the 100 alternate SMA. Above this, there is a key bearish trend band formed with attrition abreast $8,200 on the alternate blueprint of the BTC/USD pair. The trend band is positioned abreast the 50% Fib retracement akin of the aftermost abatement from the $8,500 aerial to $7,836 low.
Looking at the chart, the amount is currently captivation the $7,850 level. Should there be a breach beneath this, the amount could abatement appear the $7,650 abutment area. In the abbreviate term, there could be ambit moves amid $7,700 and $8,200.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is about to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently collapsed abreast the 30 level.
Major Support Level – $7,850
Major Resistance Level – $8,200
