THELOGICALINDIAN - Bitcoin amount is disturbing to authority key supports adjoin the US Dollar BTC charcoal at a accident of added downsides appear 7000 and 6880 afore a appropriate advancement move
Bitcoin Price Analysis
In the accomplished few sessions, there was a steady abatement in bitcoin price beneath the $7,320 abutment adjoin the US Dollar. Moreover, BTC acclimatized beneath $7,320 and the 100 alternate simple affective average.
The contempo abatement was such that the amount alike traded beneath the $7,200 and $7,150 abutment levels. A new account low is formed abreast $7,109 and the amount is currently acclimation college aloft $7,150.
Besides, there was a breach aloft a above bearish trend band with attrition abreast $7,185 on the alternate blueprint of the BTC/USD pair. Bitcoin amount is now trading abreast the 23.6% Fib retracement akin of the bottomward move from the $7,531 aerial to $7,109 low.
It seems like there is a abbreviate appellation ascendance approach basic with attrition abreast $7,250. The aboriginal key attrition is abreast the $7,275 akin and the 100 alternate simple affective average.
The abutting above attrition is abreast the $7,320 level. Additionally, the 50% Fib retracement akin of the bottomward move from the $7,531 aerial to $7,109 low is abreast the $7,320 attrition area.
A acknowledged abutting aloft the $7,320 attrition ability set the clip for a able advancement move. In the mentioned case, the price ability abide to rise appear the $7,400 and $7,500 attrition levels.
On the added hand, the amount ability abort to abide college aloft $7,275 and $7,320. In this bearish case, the amount ability extend its abatement beneath $7,150. An actual abutment is abreast the $7,100 area, beneath which there is a accident of a breakdown beneath $7,000.
Looking at the chart, bitcoin amount is assuming bearish signs beneath the $7,320 akin and the 100 alternate SMA. Therefore, there are affairs of added losses this anniversary unless the beasts advance the amount aloft $7,320.
Technical indicators:
Hourly MACD – The MACD is currently affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now aloof beneath the 50 level.
Major Support Levels – $7,100 followed by $7,000.
Major Resistance Levels – $7,275, $7,320 and $7,500.
