THELOGICALINDIAN - Key Points
Bitcoin amount bootless to authority the $6,600 and $6,590 supports adjoin the US Dollar. BTC/USD is acceptable to extend declines appear the abutting abutment at $6,275.
Yesterday, we discussed a short-term correction beneath the $6,700 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace started a downside move and traded beneath the $6,620 and $6,600 abutment levels. Besides, the amount traded beneath the key abutment at $6,590. More importantly, there was a breach beneath a bearish arrangement with abutment at $6,550 on the alternate blueprint of the BTC/USD pair.
There was additionally a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $6,102 low to $6,833 high. The accepted bent is bearish beneath the $6,520 level. If the amount continues to move down, it could analysis the $6,381 and $6,275 levels. The after one is the 76.4% Fib retracement akin of the aftermost beachcomber from the $6,102 low to $6,833 high. On the upside, the antecedent abutment levels abreast $6,560 and $6,590 are acceptable to act as hurdle for buyers in the abreast term. Additionally, the $6,660 akin is additionally a major resistance forth with the 100 alternate simple affective average.
Looking at the chart, bitcoin amount confused into a bearish area beneath the $6,580 level. If sellers abide in action, the amount could extend declines appear $6,275.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is accepting backbone in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 40 level.
Major Support Level – $6,275
Major Resistance Level – $6,590
