THELOGICALINDIAN - Bitcoin amount started a above downside alteration beneath 8000 adjoin the US Dollar BTC formed a bifold top arrangement but it is now trading abutting to a few acute supports abreast 6800
Bitcoin Price Analysis
Recently, bitcoin amount fabricated addition attack to ascend aloft the $8,330 and $8,350 resistances adjoin the US Dollar. The BTC/USD brace bootless to ascend aloft $8,350 and formed a above bifold top pattern. As a result, there was a aciculate abatement beneath the $8,000 abutment area. Besides, there was a bright breach beneath the $7,800 abutment breadth and the 100 alternate simple affective average.
More importantly, this week’s followed bullish trend band was breached with abutment at $7,850 on the alternate blueprint of the BTC/USD pair. The brace beneath added than 10% and bankrupt the $7,450 and $7,000 abutment levels. It acicular appear the $6,650 abutment breadth and formed a beat low at $6,645. Recently, it recovered accurately aloft the $7,000 akin and the 23.6% Fib retracement akin of the latest bead from the $8,048 aerial to $6,645 low. The amount is now trading aloft $7,200, but it is adverse a strong resistance abreast $7,350 and $7,400.
Moreover, the 50% Fib retracement akin of the latest bead from the $8,048 aerial to $6,645 low is additionally acting as a barrier for the bulls. If there is a acknowledged abutting aloft $7,400, the amount could backlash appear the $7,700 level. Besides, it ability analysis the 76.4% Fib retracement akin of the latest bead from the $8,048 aerial to $6,645 low. Conversely, if the amount fails to beat the $7,400 resistance, it is acceptable to abatement again. An antecedent abutment is abreast $7,000, beneath which there is a accident of a aciculate abatement appear the $6,800 or $6,650 abutment zone.
Looking at the chart, bitcoin amount acutely adapted lower decidedly beneath $8,000 and $7,500. However, the $6,800 and $6,650 abutment levels are important buy zones. In the abbreviate term, the amount could consolidate abreast $7,000 afore it starts a beginning increase.
Technical indicators:
Hourly MACD – The MACD is accepting drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD beneath acutely beneath the 40 and 30 levels.
Major Support Levels – $6,800 followed by $6,650.
Major Resistance Levels – $7,400, $7,700 and $7,850.
