THELOGICALINDIAN - Key Points
Bitcoin amount beneath heavily beneath $7,000 adjoin the US Dollar. If BTC/USD corrects higher, it may conceivably acquisition a lot of hurdles on the upside.
Bitcoin Price Analysis
The accomplished few hours were very bearish as bitcoin amount beneath by added than $500 adjoin the US Dollar. The BTC/USD brace started a aciculate downside move and fell beneath key supports at $7,500, $7,200 and $7,000. It alike beneath beneath the $6,800 and traded appear the $6,600 akin area buyers emerged. A low was formed abreast the $6,628 and the amount is currently acclimation higher.
On the upside, an antecedent attrition is about the 38.2% Fibonacci retracement akin of the aftermost abatement from the $7,350 aerial to $6,628 low. On the upside, there is additionally a major bearish trend line formed with attrition at $6,950 on the alternate blueprint of the BTC/USD pair. The aforementioned trend band is abutting to the 50% Fibonacci retracement akin of the aftermost abatement from the $7,350 aerial to $6,628 low. Therefore, if the amount corrects higher, it could face sellers abreast the $6,900 and $7,000 levels.
Looking at the chart, the accepted amount activity is actual bearish beneath $7,000. As continued as the amount is beneath the declared level, it charcoal at a accident of a downside breach beneath the $6,600 akin in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is currently abbreviation its bearish abruptness with a few absolute signs.
Hourly RSI (Relative Strength Index) – The RSI is affective aerial and is currently convalescent from the oversold levels.
Major Support Level – $6,600
Major Resistance Level – $7,000
