THELOGICALINDIAN - Bitcoin BTC amount is boring abutting acute supports adjoin the US Dollar BTC bears charge to be actual accurate already the amount alcove the 6200 abutment area
Bitcoin Price Analysis
After a daily abutting beneath the $7,000 support, bitcoin continued its abatement adjoin the US Dollar. BTC amount traded beneath the $6,800 abutment breadth and acclimatized able-bodied beneath the 100 alternate simple affective average.
The contempo abatement was such that the amount alike traded beneath the $6,600 support. It traded abutting to the $6,500 abutment breadth and a new account low was formed abreast $6,565.
The amount is currently acclimation college and trading aloft $6,600. Moreover, there was a breach aloft the 23.6% Fib retracement akin of the contempo accelerate from the $6,940 aerial to $6,565 low.
However, the $6,700 akin seems to be acting as a hurdle for added upsides. Besides, there is a new abutting bearish trend band basic with attrition abreast $6,740 on the alternate blueprint of the BTC/USD pair.
The trend band is abutting to the 50% Fib retracement akin of the contempo accelerate from the $6,940 aerial to $6,565 low. Therefore, the aboriginal above hurdle for the beasts assume to be abreast the $6,740 and $6,800 levels.
If there is an upside breach aloft the $6,800 resistance, the abutting aloft barrier for the beasts is abreast the $7,000 akin (the key breakdown support). A acknowledged abutting aloft the $7,000 axis akin and the 100 alternate SMA is charge for a appropriate accretion and a accessible trend change.
Conversely, the amount is acceptable to abide lower beneath $6,600. On the downside, there are two important supports, $6,500 and $6,200. The capital abutment is abreast the $6,200 level, which is a multi-month abutment and attrition area.
Looking at the chart, bitcoin amount is abutting a brace of key supports abreast $6,500 and $6,200. For this reason, the bears charge be actual careful, because the beasts are acceptable to action if the amount alcove the $6,200 abutment area.
Technical indicators:
Hourly MACD – The MACD is boring affective into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is disturbing to actual aloft the 40 level.
Major Support Levels – $6,500 followed by $6,200.
Major Resistance Levels – $6,740, $6,800 and $7,000.
