THELOGICALINDIAN - Key Points
Bitcoin amount angry bearish beneath $9,050 adjoin the US Dollar. BTC/USD may abide to move bottomward as continued as it is beneath $9,000-9,050.
Bitcoin Price Analysis
Yesterday, we discussed a major resistance breadth abreast $9,450 in bitcoin amount adjoin the US Dollar. The amount was trading with a absolute bias, but buyers bootless to advance the amount aloft $9,400 and $9,450, which resulted in a downside move. There was a aciculate bearish acknowledgment and the amount confused beneath the $9,050 and $9,000 abutment levels. The contempo downside breach looks absolute as the amount acclimatized beneath the $9,000 handle and the 100 alternate simple affective average.
It traded as low as $8,696 and is currently accumulation losses. An antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $9,465 aerial to $8,696 low. However, the best important attrition is abutting to $9,050, which was a support earlier. Moreover, the 50% Fib retracement akin of the aftermost abatement from the $9,465 aerial to $8,696 low is at $9,050 to anticipate gains. A advance aloft $9,050 could abatement the accepted bearish burden in the abbreviate term.
Looking at the alternate chart, is a above bearish trend band basic with attrition at $9,380. On the downside, a breach and abutting beneath $8,600 may conceivably accessible the doors for added losses appear the $8,200 akin in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is accepting drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently abreast the acute oversold levels.
Major Support Level – $8,600
Major Resistance Level – $9,050
