THELOGICALINDIAN - Key Points
Bitcoin amount is trading able-bodied beneath the $7,600 axis akin adjoin the US Dollar. If BTC/USD break the $7,000-7,200 support, there could be abundant declines.
Bitcoin Price Decline
This accomplished week, there were abundant losses from the $8,500 beat aerial in bitcoin amount adjoin the US Dollar. The amount beneath acutely and bankrupt two important abutment levels at $8,150 and $7,900. The abatement was such that the amount alike bankrupt the $7,600 axis level. It traded abutting to the $7,000 akin and begin abutment abreast $7,200. A low was formed at $7,220 afore the amount started accumulation in a range.
It traded a few credibility aloft the 23.6% Fib retracement akin of the aftermost abatement from the $8,606 aerial to $7,220 low. However, buyers bootless to accretion drive aloft the $7,600 axis level. Therefore, the amount is in a declivity beneath $7,600. More importantly, there is a key crumbling approach basic with attrition at $7,600 on the 4-hours blueprint of the BTC/USD pair. A breach aloft the approach attrition and $7,650 is bare for an upside push. Aloft $7,650, the abutting hurdle for buyers sits about the $7,950 and $8,000 levels.
Looking at the chart, the amount is disturbing to balance aloft $7,600. On the downside, there is a acute abutment at $7,200. A breach beneath the declared abutment at $7,200 could accessible the doors for added declines beneath the $7,000 level.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is disturbing to accretion clip in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently aloof aloft the 30 level.
Major Support Level – $7,200
Major Resistance Level – $7,600
