THELOGICALINDIAN - Key Points
Bitcoin amount is disturbing to breach a key barrier at $8,800 adjoin the US Dollar. BTC/USD is hardly bearish with an important abutment about the $8,400-8,450 zone.
Bitcoin Price Bearish Resistance
This accomplished week, there was a sharp drop in bitcoin amount beneath the $8,000 akin adjoin the US Dollar. The amount beneath beneath the $7,500 abutment and traded as low as $7,296. Later, it staged an upside accretion and confused aloft the $7,500 level. It bankrupt the 23.6% Fib retracement akin of the aftermost bead from the $9,912 aerial to $7,296 low.
Buyers acquired absorption and pushed the amount aloft $8,000. Moreover, there was a breach aloft the 50% Fib retracement akin of the aftermost bead from the $9,912 aerial to $7,296 low. However, the upside move was adequate by the $9,000 attrition area and the 100 simple affective boilerplate (4-hours). More importantly, a above bearish trend line with attrition at $8,750 on the 4-hours blueprint of the BTC/USD brace is acting as a key hurdle. At the moment, the amount is affective lower and is currently trading beneath $8,750 and the 100 SMA.
On the downside, there is a acute abutment at $8,400-8,450. BTC charge authority the mentioned $8,400 abutment to abstain a advance into the bearish zone. Below $8,400, the amount could alike breach the $8,000 support. On the upside, a acknowledged breach and abutting aloft $8,800 is bare for buyers to accretion control.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is about to move aback in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $8,400
Major Resistance Level – $8,800
Charts address –Trading View
