THELOGICALINDIAN - Key Points
Bitcoin amount is trading aloft a aloft abutment at $8,240 adjoin the US Dollar. BTC/USD should break aloft the 100 alternate SMA to trim contempo losses.
Bitcoin Price Analysis
After trading appear the $8,600 level, bitcoin amount faced a selling interest adjoin the US Dollar. The BTC/USD brace formed a concise top at $8,596 and started a downside move. The amount beneath and confused beneath the $8,400 abutment level. More importantly, there was a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $8,139 low to $8,596 high.
It opened the doors for added losses, consistent in a breach beneath a key bullish trend band with abutment at $8,350 on the alternate blueprint of the BTC/USD pair. The brace about activated the 76.4% Fib retracement akin of the aftermost beachcomber from the $8,139 low to $8,596 high. However, the amount is currently captivation the 100 alternate simple affective boilerplate and $8,280. On the upside, an immediate resistance is at $8,400, followed by the all-important $8,600. As continued as the amount is aloft the 100 alternate SMA, it could accomplish an attack to beat the $8,400 level. On the added hand, a abutting beneath the 100 alternate SMA may conceivably advance the amount aback appear $8,150.
Looking at the chart, the amount is assuming a few absolute signs aloft $8,240. However, BTC buyers charge bright the $8,400 hurdle for a advance appear $8,600.
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 affective college appear the 50 level.
Major Support Level – $8,240
Major Resistance Level – $8,400
