THELOGICALINDIAN - Key Points
Bitcoin amount is accumulation assets aloft $8,000 adjoin the US Dollar. BTC/USD could barter to new a account aerial if it succeeds in clearing aloft $8,300.
Bitcoin Price Analysis
After crumbling beneath the $8,000 level, bitcoin amount found support abreast $7,800 adjoin the US Dollar. The BTC/USD brace akin best its losses and traded aback aloft the $8,000 level. There was alike a breach aloft the 50% Fib retracement akin of the aftermost bead from the $8,503 aerial to $7,800 low. The amount acclimatized aloft the $8,100 akin and the 100 alternate simple affective average.
However, the upside move was capped by the $8,300 resistance. Added importantly, there is a acute bearish trend band in abode with attrition at $8,300 on the alternate blueprint of the BTC/USD pair. The aforementioned trend band is abutting to the 61.8% Fib retracement akin of the aftermost bead from the $8,503 aerial to $7,800 low. Therefore, a successful close aloft the trend band and $8,300 attrition may conceivably accessible the doors for added gains. BTC amount could jump appear the $8,500 high. Aloft this, the amount will best acceptable advance assets aloft $8,550 and anatomy a new account high.
Looking at the chart, the amount is disturbing to bright the $8,300 barrier. Should there be a downside reaction, the $8,100 and $8,000 supports levels could be tested. Below $8,000, bitcoin may possibly face an added affairs pressure.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently affective lower appear the 40 level.
Major Support Level – $8,000
Major Resistance Level – $8,300
