THELOGICALINDIAN - Bitcoin amount nosedived by added than 2024 adjoin the US Dollar BTC is now abutting a brace of important supports abreast 10450 10200 and 10000
Bitcoin Price Analysis
In the accomplished three sessions, bitcoin akin best its contempo gains from able-bodied aloft $13,000 adjoin the US Dollar. The BTC/USD brace bankrupt the key $12,500 abutment akin to access a bearish zone. There was alike a abutting beneath the $11,500 abutment and the 100 alternate simple affective average. Finally, the amount alike acicular beneath the $10,450 abutment and a new beat low was formed at $10,322.
It afresh recovered aloft the $10,500 and $10,800 levels. Moreover, there was a breach aloft the 50% Fib retracement akin of the aftermost abatement from the $12,200 beat aerial to $10,322 low. However, the amount struggled to ascend aloft the $11,500 attrition akin (the antecedent support). Besides, the amount backward beneath the $11,600 axis and the 100 alternate SMA.
Additionally, the 61.8% Fib retracement akin of the aftermost abatement from the $12,200 beat aerial to $10,322 low additionally prevented gains. Added importantly, there is a abutting bearish trend band basic with attrition at $11,100 on the alternate blueprint of the BTC/USD pair. To alpha a beginning increase, the amount charge breach the trend band and the $11,500 resistance. Having said that, a acknowledged abutting aloft the 100 alternate SMA is bare for added assets appear $12,000 and $12,500.
Conversely, if the amount fails to move accomplished $11,500, it could abide to decline. An actual abutment is abreast the $10,450 level. The capital supports are abreast $10,200, $10,000 and $9,980. If there is a breach beneath the $9,980 support, the amount could advance losses in the abreast term. The abutting capital abutment is at $9,920, followed by $8,500.
Looking at the chart, bitcoin amount is acutely disturbing beneath the $11,500 and $12,000 levels. However, the $10,000 abutment akin holds the key. As continued as BTC amount is aloft the $10,000 support, it could consolidate and again alpha a beginning increase.
Technical indicators:
Hourly MACD – The MACD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 50 level, with a bearish angle.
Major Support Levels – $10,450 followed by $10,000.
Major Resistance Levels – $11,100, $11,500 and $12,000.
