THELOGICALINDIAN - Key Points
Bitcoin amount confused beneath key supports adjoin the US Dollar. BTC/USD is currently accumulation abreast $8,000 and it is at accident of added losses.
Bitcoin Price Analysis
There was no upside breach aloft $8,500 in bitcoin amount adjoin the US Dollar. The BTC/USD brace bootless on abounding occasions to barter aloft the $8,500 attrition area. There was a aciculate bearish acknowledgment and the amount beneath beneath the $8,200 and $8,080 abutment levels. It seems like the amount was absolutely alone from the 50% Fib retracement akin of the leg from the $8,850 aerial to $8,080 low.
More importantly, there was a breach beneath a triangle arrangement with abutment at $8,250 on the alternate blueprint of the BTC/USD pair. The brace is now trading able-bodied beneath $8,500 and the 100 alternate simple affective average. The abatement was such that the amount alike acicular beneath $8,000 and a low was formed at $7,931. At the moment, the amount is consolidating losses and confused aloft the 23.6% Fib retracement akin of the bead from the $8,486 aerial to $7,931 low. However, the amount is disturbing to move aloft a abutting bearish trend band with attrition at $8,150.
Looking at the chart, the amount may conceivably move aloft $8,150 in the abreast term, but it could face a able barrier abreast $8,250. Moreover, the 50% Fib retracement akin of the bead from the $8,486 aerial to $7,931 low is a key attrition at $8,209. On the downside, the amount charge break aloft $8,000 to abstain a advance appear $7,600.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective college appear the 50 level.
Major Support Level – $8,000
Major Resistance Level – $8,250
