THELOGICALINDIAN - Bitcoin amount started a downside alteration afterwards testing 59506000 adjoin the US Dollar BTC charcoal able-bodied accurate in the abbreviate appellation abreast the 5740 and 5560 levels
Bitcoin Price Analysis
Yesterday, there was a fresh rise in bitcoin amount aloft the $5,850 attrition adjoin the US Dollar. The BTC/USD brace climbed aloft the $5,900 akin and traded abutting to the $6,000 attrition level. A new 2019 aerial was formed abreast $5,965 and the amount afresh adapted lower. There was a aciculate dip beneath the $5,900 level, triggered by the address of 7,000 BTC drudge account from the cryptocurrency exchange, Binance. The amount beneath beneath the $5,800 abutment and the 50% Fib retracement akin of the aftermost beachcomber from the $5,563 low to $5,962 high.
During the decline, there was a breach beneath a abutting bullish trend band with abutment abreast $5,840 on the alternate blueprint of the BTC/USD pair. The brace alike acicular beneath the $5,700 akin and the 100 alternate simple affective average. It activated the 76.4% Fib retracement akin of the aftermost beachcomber from the $5,563 low to $5,962 high. After tagging the $5,670 level, the amount bounced back. It is currently trading aloft the $5,750 akin and the 100 alternate simple affective average.
On the upside, an actual attrition is abreast the $5,840 level. If there is an upside break aloft the $5,840 level, the amount may retest the $5,900 level. Any added assets could advance the amount appear the $5,950-5,960 attrition zone. On the downside, an antecedent abutment is at $5,760. The abutting key abutment is abreast the $5,740 akin and the 100 alternate SMA.
Looking at the chart, bitcoin amount acutely adapted lower sharply, but after bought aback aloft $5,740. Therefore, there are aerial affairs of a beginning acceleration appear the $5,900 and $5,950 level. Conversely, if the amount break the 100 alternate SMA, it could revisit the capital abutment abreast the $5,560 akin in the advancing sessions.
Technical indicators:
Hourly MACD – The MACD is currently placed in the bearish zone, with a few absolute signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently affective college and it could breach 50.
Major Support Levels – $5,740 followed by $5,560.
Major Resistance Levels – $5,840, $5,900 and $5,960.
