THELOGICALINDIAN - Key Points
Bitcoin amount remained bedfast in a ambit aloft $6,240 adjoin the US Dollar. BTC/USD could balance to $6,530 if it break the $6,400 resistance.
Bitcoin Price Analysis
During the accomplished three sessions, there was hardly any aloft move aloft $6,400 in bitcoin amount adjoin the US Dollar. The BTC/USD brace remained bedfast in a tight range aloft the $6,240 abutment level. Recently, there was an attack by buyers to bright the $6,380-6,400 attrition zone. However, they bootless to accretion absorption aloft $6,400 and the 100 alternate simple affective average. Additionally, the 23.6% Fib retracement akin of the aftermost bead from the $7,390 beat aerial to $6,070 low additionally prevented gains.
The amount is currently trading abreast the $6,300 akin with a few bearish signs. Added importantly, yesterday’s accent aloft blemish arrangement is still alive with attrition at $6,385 on the alternate blueprint of the BTC/USD pair. Therefore, it seems like the amount is acceptable to accomplish the abutting move either aloft $6,400 or beneath $6,240. If buyers advance the amount aloft the $6,380-6,400 attrition zone, there could be a move appear the $6,530 resistance. Further aloft $6,530, the next resistance is abreast $6,730. On the added hand, a downside breach beneath $6,240 may conceivably accessible the doors for added losses appear $6,000.
Looking at the chart, bitcoin is assertive for the abutting break, which could be appear the $6,530 level. However, upsides are acceptable to be capped abreast $6,530, $6,550 and $6,600.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloof aloft the 50 level.
Major Support Level – $6,240
Major Resistance Level – $6,400
