THELOGICALINDIAN - Key Points
Bitcoin amount is beneath burden beneath the $10,000 akin adjoin the US Dollar. BTC/USD charcoal at a accident of added declines if the brace fails to authority the $9,000 support.
Bitcoin Price Resistance
This accomplished week, there was an access in bearish burden on bitcoin amount from the $10,800 beat high adjoin the US Dollar. The amount started a downside move and traded beneath the $10,500 abutment level. There was additionally a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $8,250 low to $11,650 high. Moreover, there was a breach beneath a above bullish trend band with abutment at $10,350 on the 4-hours blueprint of the BTC/USD pair.
The brace traded appear the $9,400 abutment and beneath beneath the 100 simple affective boilerplate (4-hours). Added importantly, there was a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $8,250 low to $11,650 high. It has opened the doors for added losses beneath $10,000. On the downside, the $9,350 abutment is captivation losses and is preventing declines. Should there be a breach beneath $9,350, the amount may alike decline beneath the $9,000 level. An average abutment is abreast the 76.4% Fib retracement akin of the aftermost beachcomber from the $8,250 low to $11,650 high.
On the upside, a breach aloft the $10,000 attrition is bare for the amount to move aback in the bullish zone.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is currently in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $9,350
Major Resistance Level – $10,000
Charts address – SimpleFX
