THELOGICALINDIAN - Key Points
Bitcoin amount fabricated a aciculate U-turn from $8,800 adjoin the US Dollar. BTC/USD is now trading able-bodied beneath $8,500 with a few bearish signs.
Bitcoin Price Analysis
The accomplished two canicule were mostly positive for bitcoin amount aloft the $8,600 abutment adjoin the US Dollar. However, the amount bootless to move aloft the $8,800 attrition area. Buyers struggled to abode the amount aloft $8,800, which resulted in a downside move. The amount beneath acutely and bankrupt a brace of abutment levels such as $8,700, $8,600 and $8,400.
The abatement was abundant as the amount acclimatized beneath a key abutment at $8,400 and the 100 hourly simple affective average. During the decline, BTC/USD bankrupt this week’s ascendance approach with abutment at $8,500 on the alternate chart. The brace traded abutting to the $8,000 abutment akin and a low was formed at $8,080. At the moment, the amount is accumulation aloft $8,000s, with an antecedent attrition about the 23.6% Fib retracement akin of the aftermost abatement from the $8,854 aerial to $8,080 low. However, the best important hurdle on the upside is at $8,400 and $8,500, which were supports earlier.
Looking at the chart, the amount activity suggests a lot of bearish signs beneath $8,500. It may actual a few credibility in the abbreviate term, but it is acceptable to face sellers on the upside abreast $8,500. On the downside, a breach beneath the $8,000 abutment may conceivably advance the amount added into a bearish zone.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed accurately in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently affective college from the oversold levels.
Major Support Level – $8,000
Major Resistance Level – $8,500
