THELOGICALINDIAN - Key Points
Bitcoin amount struggled and confused beneath $6500 adjoin the US Dollar. BTC/USD ability abide to abatement and it could alike breach $6000.
Bitcoin Price Turned Bearish?
It was yet addition bullish anniversary for bitcoin amount as it confused aloft the $7500 akin adjoin the US Dollar. The amount alike managed to move aloft $7700 and traded to a new best aerial of $7773. Later, it bootless to authority assets and started a downside move. It bankrupt the 23.6% Fib retracement akin of the aftermost beachcomber from the $5362 low to $7773 high. The downside move was able as the amount bankrupt the $7000 akin and the 100 simple affective boilerplate (H4).
Sellers alike bankrupt a above bullish trend band with abutment at $6780 on the 4-hours blueprint of BTC/USD. Moreover, the brace is now able-bodied beneath the 50% Fib retracement akin of the aftermost beachcomber from the $5362 low to $7773 high. That’s why, there are affairs of it extending declines in the abreast term. At present, the brace seems to be abutting the $6000 handle, which ability act as a support. Once there is a breach of the $6000 level, there are affairs of added declines against $5650.
On the upside, the burst abutment abreast $6750 and the 100 simple affective boilerplate (H4) are attrition zones. Selling rallies abreast $6750 can be autonomous in the abbreviate appellation as continued as the amount is beneath $7000.
Looking at the abstruse indicators:
4-hours MACD – The MACD is accepting clip in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently abreast the oversold levels.
Major Support Level – $6000
Major Resistance Level – $6750
Charts address – SimpleFX
