THELOGICALINDIAN - Key Points
Bitcoin amount bankrupt key attrition at $6,550 adjoin the US Dollar. BTC/USD is aback in a bullish area with a abutting aloft the $6,620 high.
Bitcoin Price Analysis
Yesterday, we discussed a few important hurdles abreast $6,550 in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded in a ambit aloft the $6,400 akin and after surged higher. The amount started an advancement move and austere the $6,480 and $6,550 attrition levels. Moreover, there was a breach aloft the aftermost beat aerial at $6,620 and the 100 alternate simple affective average.
During the upside, yesterday’s accent key bearish trend band was breached with attrition abreast $6,475 on the alternate blueprint of the BTC/USD pair. A new account aerial was formed abreast the $6,921 level. Later, there was a downside alteration beneath the $6,900 level. There was additionally a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $6,236 low to $6,921 high. However, there are many supports on the downside abreast the $6,600 and $6,550 levels. Additionally, the 50% Fib retracement akin of the aftermost beachcomber from the $6,236 low to $6,921 aerial is abreast $6,578 to act as a support.
Looking at the chart, if bitcoin is aback in a absolute area with a abutting aloft the $6,550 level. On the upside, resistances are at $6,800 and $6,900, aloft which the amount may able-bodied analysis the $7,000 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently beat from the 75-80 levels.
Major Support Level – $6,550
Major Resistance Level – $6,900
