THELOGICALINDIAN - Bitcoin BTC amount is assuming signs of bearish assiduity beneath 6800 adjoin the US Dollar BTC bears seems to be eyeing a analysis of the 6500 abutment or 6200
Bitcoin Price Analysis
After accumulation aloft the $7,000 support, bitcoin bears acquired strength adjoin the US Dollar. As a result, BTC amount nosedived beneath the $7,000 abutment and acclimatized able-bodied beneath the 100 alternate simple affective average.
The amount is bottomward about 4% and it alike bankrupt the $6,880 abutment area. A new account low is formed abreast $6,800 and the amount is currently accumulation losses.
An actual attrition is abreast the $6,880 level. Besides, the 23.6% Fib retracement akin of the contempo bottomward move from the $7,135 aerial to $6,800 low is additionally abreast the $6,880 area.
More importantly, there is a abbreviate appellation application triangle basic with attrition abreast $6,880 on the alternate blueprint of the BTC/USD pair. Therefore, an upside breach aloft $6,880 akin ability alpha a abbreviate appellation upside correction.
The abutting attrition is abreast the $6,980 level. Additionally, the 50% Fib retracement akin of the contempo bottomward move from the $7,135 aerial to $6,800 low is additionally abreast the $6,980 level.
However, the capital attrition is apparent abreast the $7,000 and $7,015 levels (the contempo breakdown zone). A acknowledged circadian abutting aloft $7,015 is bare to alpha a abundant accretion in the abreast term.
Conversely, the amount is acceptable to advance lower beneath the $6,840 and $6,820 levels. If bitcoin break the $6,800 low, the abutting stop for the bears could be abreast $6,600 or $6,500.
Any added losses may conceivably advance the amount appear the key $6,200 abutment area, area the beasts are acceptable to booty a stand.
Looking at the chart, bitcoin amount is sliding heavily beneath $7,000 and $6,880. Thus, there are aerial affairs of added downsides as continued as the amount is trading beneath the $7,000 and $7,015 attrition levels in the abreast term.
Technical indicators:
Hourly MACD – The MACD is currently assuming signs of an upside correction.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is boring convalescent and it is abreast the 30 level.
Major Support Levels – $6,800 followed by $6,500.
Major Resistance Levels – $6,880, $7,000 and $7,015.
