THELOGICALINDIAN - Key Points
Bitcoin amount is afterward a bullish aisle aloft $8,600 adjoin the US Dollar. BTC/USD has to move aloft $9,000 to advance assets in the abreast term.
Bitcoin Price Analysis
There was a slow and abiding rise in bitcoin amount aloft the $8,500 attrition adjoin the US Dollar. The amount traded college and alike bankrupt the $8,600 attrition akin to achieve aloft the 100 alternate simple affective average. The upside move was positive, as the amount traded abutting to the $8,900 attrition level. A aerial was formed at $8,899 afore the amount started a downside correction.
It confused bottomward and traded beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $8,305 low to $8,899 high. However, the amount charcoal able-bodied accurate on the downside aloft the $8,500 level. An actual key abutment is at $8,600, which is the 50% Fib retracement akin of the aftermost beachcomber from the $8,305 low to $8,899 high. Furthermore, the 100 alternate SMA is positioned abreast $8,550 to prevent declines in the abreast term. Additionally, this week’s ascendance approach with accepted abutment at $8,480 is complete on the alternate blueprint of the BTC/USD pair.
Looking at the chart, the amount is placed accurately aloft $8,500 and the 100 alternate SMA. Therefore, as continued as the amount is aloft $8,500, it could abide to move college appear $9,000. A breach aloft $9,000 will best acceptable affirm a solid bullish bent appear $10,000.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently affective lower appear the 50 level.
Major Support Level – $8,500
Major Resistance Level – $8,900
