THELOGICALINDIAN - Key Points
Bitcoin amount is positioned for the abutting move adjoin the US Dollar. BTC/USD will best acceptable advance assets aloft the $6,540 and $6,620 levels in the abreast term.
Bitcoin Price Analysis
After bitcoin amount bootless to breach the $6,620 resistance adjoin the US Dollar, it started consolidating. The BTC/USD brace mostly traded in a ambit aloft the $6,300 abutment breadth with beat moves. The aftermost beat low was $6,302 afore the amount confused aloft $6,400 and the 100 alternate simple affective average. The amount additionally bankrupt the 50% Fib retracement akin of the aftermost bead from the $6,618 aerial to $6,302 low.
However, the upside move was capped by the $6,540 resistance. Moreover, the 76.4% Fib retracement akin of the aftermost bead from the $6,618 aerial to $6,302 low additionally acted as a resistance. At the moment, the amount is trading aloft the $6,420 abutment and the 100 alternate SMA. More importantly, there is a acute blemish triangle arrangement formed with attrition abreast $6,540 on the alternate blueprint of the BTC/USD pair. In the abbreviate term, there could be a downside acknowledgment appear the $6,360 and $6,320 levels. Having said that, the accepted amount activity suggests that the amount is acceptable to breach the triangle attrition at $6,540 to extend gains.
Looking at the chart, if bitcoin break $6,540, it has to beat the $6,620 attrition to absorb gains. If not, the amount may conceivably bead aback appear $6,400 and $6,300.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently placed able-bodied aloft the 50 level.
Major Support Level – $6,320
Major Resistance Level – $6,540
