THELOGICALINDIAN - Key Points
Bitcoin amount recovered from $8,220 adjoin the US Dollar. However, BTC/USD is award it difficult to breach the $8,800-9,000 attrition zone.
Bitcoin Price Analysis
This accomplished week, we saw a downside reaction from able-bodied aloft $9,000 in bitcoin amount adjoin the US Dollar. The amount bankrupt abounding abutment levels such as $9,000, $8,500 and $8,400 to barter abutting to $8,200. A low was formed at $8,226 afore the amount started an upside correction. It confused aloft the $8,400 attrition and alike austere the 23.6% Fib retracement akin of the aftermost abatement from the $9,391 aerial to $9,225 beat low.
However, the upside move was capped by the $8,800 attrition and the 100 alternate simple affective average. It was alone from the 100 alternate SMA and beneath aback beneath $8,600. The BTC/USD brace bankrupt an ascendance approach with abutment at $8,450 on the alternate chart. The contempo downside breach indicates that the brace was alone from the $8,800 attrition zone. It is currently trading beneath the $8,500 abutment with a bearish angle. However, there is a aloft abutment basic abreast $8,300. As continued as the amount is aloft the declared $8,300 support, it is acceptable to move college in the abreast term.
Looking at the chart, the amount seems to be accumulation aloft $8,300. Once the accepted alliance appearance is over, BTC amount may either move aloft $8,500 or breach $8,200 for added losses.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is now aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $8,300
Major Resistance Level – $8,600
