THELOGICALINDIAN - Key Points
Bitcoin amount is placed accurately aloft the $6,650 akin adjoin the US Dollar. BTC/USD may anon accomplish the abutting move (likely college aloft $6,800).
Bitcoin Price Analysis
Recently, there was the third bounce from the $6,800-6,820 resistance area in bitcoin amount adjoin the US Dollar. The BTC/USD brace beneath and traded beneath the $6,700 level. However, the abatement was prevented by the $6,600 abutment and the 100 alternate simple affective average. Moreover, the 61.8% Fib retracement akin of the aftermost leg from the $6,360 low to $6,850 aerial additionally provided support.
As a result, the amount bounced aback and confused aloft the $6,700 attrition area. However, bitcoin buyers abide to attempt to bright the $6,800-6,820 attrition zone. A breach aloft this is bare for a advance appear the $7,000 handle in the abreast term. At the moment, it seems like there is a key application triangle formed with abutment at $6,700 and attrition abreast $6,780 on the alternate blueprint of the BTC/USD pair. The triangle abutment is abutting to the 50% Fib retracement akin of the last wave from the $6,595 low to $6,812 high.
Looking at the chart, the amount is abutting the abutting breach either aloft $6,800 or beneath $6,650 in the abreast term. Aloft $6,800, the amount will best acceptable appointment $7,000. On the cast side, a breach beneath $6,700 and $6,650 may access bearish burden in the abbreviate term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now able-bodied aloft the 50 level.
Major Support Level – $6,650
Major Resistance Level – $6,800
