THELOGICALINDIAN - Key Points
Bitcoin amount acclimatized aloft the $6,550 akin adjoin the US Dollar. BTC/USD charge breach the $6,720 attrition for an advancement move against $6,900 in the abreast term.
After trading aloft the $6,800 level, bitcoin amount started a downside correction adjoin the US Dollar. The BTC/USD brace traded as aerial as $6,833 and adapted beneath the $6,750 level. During the decline, there was a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $6,347 low to $6,833 high. However, there is a appropriate abutment arresting abreast the $6,600 and $6,590 zone.
At the moment, the amount is testing the $6,620 akin and the 100 alternate simple affective average. Beneath this, the amount could analysis the $6,590 support. It represents the 50% Fib retracement akin of the aftermost beachcomber from the $6,347 low to $6,833 high. More importantly, there is a concise crumbling approach in abode with attrition at $6,720 on the alternate blueprint of the BTC/USD pair. If there is a downside breach beneath the $6,590 level, the amount may analysis the $6,550 akin in the abreast term. On the upside, the amount has to bright the $6,720 and $6,750 resistances to gain momentum. The abutting hurdle for buyers could be $6,830 and $6,900.
Looking at the chart, bitcoin amount is still placed accurately aloft the $6,550 support. Below this, the amount may extend losses appear the $6,420 akin in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $6,550
Major Resistance Level – $6,720
