THELOGICALINDIAN - Bitcoin amount rallied added than 4 and austere 6300 adjoin the US Dollar BTC charcoal in a able uptrend and it seems like the beasts are now aiming a analysis of 6400 or alike 6500
Bitcoin Price Analysis
This week, bitcoin amount overcame all hurdles and rallied aloft $6,000 and $6,200 adjoin the US Dollar. The BTC/USD brace acquired bullish drive afterwards it acclimatized aloft $6,100 and the 100 alternate simple affective average. Recently, it bankrupt a bullish banderole arrangement with attrition abreast $6,040 on the alternate blueprint to alpha a able advancement move. As a result, the beasts pushed the amount aloft the $6,250 and $6,300 attrition levels. A new 2019 aerial was formed at $6,315 and the amount is acceptable to extend gains.
An antecedent abutment is abreast the $6,230 level, and the 23.6% Fib retracement akin of the contempo assemblage from the $5,961 low to $6,315 high. If there is a downside extension, the abutting key abutment could be $6,140. It represents the 50% Fib retracement akin of the contempo assemblage from the $5,961 low to $6,315 high. More importantly, there is a above bullish trend band basic with abutment at $6,050 on the alternate blueprint of the BTC/USD pair. Moreover, the antecedent attrition breadth abreast $6,050 is acceptable to act as a able buy area if the amount corrects lower.
Besides, the amount is now able-bodied aloft the $6,000 axis akin and the bullish 100 alternate SMA. Therefore, there are affairs of added upsides aloft the $6,300 and $6,350 levels. The abutting capital hurdle is abreast the $6,400 level, aloft which the amount could assemblage appear the $6,500 level.
Looking at the chart, bitcoin amount is accepting bullish drive aloft $6,200 and $6,300, with no above bearish sign. In the abbreviate term, there could be a few bearish moves, but dips abide accurate abreast the $6,200 and $6,100 levels. Only a circadian abutting beneath $6,000 and the 100 alternate SMA could alpha a abundant downside correction.
Technical indicators:
Hourly MACD – The MACD is currently placed heavily in the bullish zone, with absolute signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation lower in the overbought zone.
Major Support Levels – $6,200 followed by $6,140.
Major Resistance Levels – $6,300, $6,400 and $6,500.
