THELOGICALINDIAN - Bitcoin amount surging college with a bullish bent aloft 6000 adjoin the US Dollar BTC could billow appear the 6200 akin afore a able downside correction
Bitcoin Price Analysis
Yesterday, there was a sharp decline in bitcoin amount beneath $5,900 adjoin the US Dollar due to the Binance barter aegis breach. The BTC/USD brace beneath beneath the $5,800 akin and the 100 alternate simple affective average. However, the $5,660 akin acted as a able support, consistent in a beginning rise. The amount started a able acceleration and bankrupt the $5,900 and $5,950 attrition levels. There was alike a abutting aloft the $5,950 akin and the 100 alternate SMA.
During the rise, there was a breach aloft a abutting trend band with attrition at $6,005 on the alternate blueprint of the BTC/USD pair. The brace climbed aloft the $6,050 akin and traded to a new 2019 high aloft $6,080. A beat aerial was formed at $6,096 and the amount is currently accumulation gains. An antecedent abutment is abreast $6,020, the burst trend line, and the 23.6% Fib retracement akin of the aftermost beachcomber from the $5,810 low to $6,096 high. If there is a breach beneath $6,020 and $6,000, the amount may analysis the $5,950 abutment zone. It represents a able abutment and coincides with the 50% Fib retracement akin of the aftermost beachcomber from the $5,810 low to $6,096 high.
If there is a downside extension, the abutting abutment is at $5,920. There is additionally a abutting bullish trend band on the aforementioned blueprint with abutment abreast $5,880. Therefore, the amount charcoal able-bodied accurate on the downside abreast $6,020, $6,000 and $5,950. On the upside, there are abounding hurdles for the beasts abreast $6,100 and $6,200.
Looking at the chart, bitcoin amount is acutely placed in a able uptrend aloft $5,950. Having said that, the amount could alpha a acute downside alteration at any moment or from the $6,100 and $6,200 resistances.
Technical indicators:
Hourly MACD – The MACD is currently is accepting clip in the bullish zone, with absolute signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the overbought area aloft the 75 level.
Major Support Levels – $6,000 followed by $5,950.
Major Resistance Levels – $6,080, $6,100 and $6,200.
