THELOGICALINDIAN - Key Points
Bitcoin amount is disturbing to accretion upside drive aloft $9,200 adjoin the US Dollar. However, BTC/USD is captivation a above abutment abreast $9,000, which is a absolute sign.
Bitcoin Price Supports
There was a alpha of a beginning downside beachcomber in bitcoin amount from the $9,900 attrition zone adjoin the US Dollar. The amount beneath and bankrupt abounding supports such as $9,500 and $9,300. The abatement was such that the amount acclimatized beneath the $9,500 abutment and the 100 alternate simple affective average. It alike acicular beneath the $9,000 support, but losses were limited.
At the moment, the amount is captivation the $8,990 and $8,870 abutment levels actual well. Both the declared supports authority a lot of accent if BTC has to animation aback aloft $9,500. On the upside, an antecedent attrition is abutting to the 23.6% Fib retracement akin of the aftermost abatement from the $9,465 aerial to $8,969 low. There is additionally a acute bearish trend band in abode with attrition at $9,150 on the alternate blueprint of the BTC/USD pair. Aloft the trend line, the next hurdle is abreast the 50% Fib retracement akin of the aftermost abatement from the $9,465 aerial to $8,969 low at $9,217.
Looking at the chart, it seems like a able breach aloft the trend band and $9,220 is appropriate for buyers to accretion control. On the cast side, a downside breach and abutting beneath $8,870 could accessible the doors for added losses appear $8,500.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is mostly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective college from the 40 level.
Major Support Level – $8,870
Major Resistance Level – $9,220
