THELOGICALINDIAN - Key Points
Bitcoin amount is adverse boxy barriers about $8,900-$9,000 adjoin the US Dollar. BTC/USD charge break aloft $8,200 and $8,000 to abstain any added losses in the abreast term.
Bitcoin Price Support
This accomplished week, there was a sharp bearish reaction from the $9,500 axis akin in bitcoin amount adjoin the US Dollar. The amount beneath acutely and confused beneath the $9,000 and $8,500 abutment levels. The abatement was such that the amount traded appear the $8,200 level. It additionally bankrupt a abutting bullish trend band at $9,000. A low was formed at $8,226 afore buyers appeared. Later, the amount started accumulation losses aloft $8,200 and is currently stable.
It activated the 23.6% Fib retracement akin of the aftermost abatement from the $9,479 aerial to $8,226 low. It seems like the amount is award it adamantine to move aloft the $8,500 level, which is additionally a axis level. Aloft the $8,500 level, the 50% Fib retracement akin of the aftermost abatement from the $9,479 aerial to $8,226 low is at $8,850. There is additionally a cogent bearish trend band basic with attrition at $8,900 on the 4-hours blueprint of the BTC/USD pair. Therefore, the amount is likely to face sellers abreast the $8,500 and $8,900 levels. Once there is a able abutting aloft $8,900 and $9,000, there could be added assets appear $9,500.
Looking at the chart, the accepted amount activity is hardly bearish beneath $8,900. On the downside, the $8,200 akin is a appropriate support, followed by $8,000. If bitcoin fails to authority $8,000, it could abatement beneath $7,500.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is about to move into the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $8,200
Major Resistance Level – $8,900
