THELOGICALINDIAN - Bitcoin Price Weekly Analysis BTCUSD Breakdown is Real
Key Points
Bitcoin amount is currently beneath burden beneath $9,400 adjoin the US Dollar. BTC/USD charcoal at a accident of added declines appear the $8,000 level.
Bitcoin Price Decline
It was a above bearish anniversary back bitcoin amount beneath by added than 25% adjoin the US Dollar. The amount traded lower and bankrupt a brace of important support levels such as $10,000 and $9,400. The accepted abatement has opened the doors for added losses and it seems like the amount may alike analysis the $8,000 level. Added importantly, during the downside, there was a breach beneath two above bullish trend curve with abutment at $10,000 on the 4-hours blueprint of the BTC/USD pair.
The brace is now trading able-bodied beneath the $9,400 and the 100 simple affective boilerplate (4-hours). The contempo low was formed at $8,413 from area an upside move was initiated. BTC amount traded aloft the 23.6% Fib retracement akin of the aftermost abatement from the $11,670 aerial to $8,413 low. However, the upside move was adequate by the $9,400-9,500 levels. The declared $9,400 akin was a abutment beforehand and now it is acting as a barrier for added gains. The brace resumed its declivity and it may anon retest the $8,400 level.
If the accepted burden charcoal intact, there could be added losses against $8,000. Below $8,000, the amount may analysis $7,600.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is mostly in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 40 level.
Major Support Level – $8,000
Major Resistance Level – $9,400
Charts address –Trading View
