THELOGICALINDIAN - Key Points
Bitcoin amount beneath added beneath $6,500 adjoin the US Dollar. BTC/USD could balance a few points, but upsides are acceptable to be capped by the $6,700 and $6,800 levels.
Bitcoin Price Analysis
There was a minor upside correction from the $6,600 abutment breadth in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded abutting to the $6,800 and $6,900 attrition levels area sellers appeared. The amount additionally bootless to move aloft the 38.2% Fib retracement akin of the aftermost bead from the $7,600 aerial to $6,620 beat low. As a result, there was a downside acknowledgment and the amount beneath beneath $6,600.
There was additionally a breach beneath the $6,500 abutment area, igniting a downside reaction. A beginning account low was formed abreast $6,450 afore the amount started accumulation losses. It is currently trading in a tiny ambit about the 23.6% Fib retracement akin of the aftermost abatement from the $6,905 aerial to $6,457 low. On the upside, there are abounding attrition levels about the $6,600 and $6,700 levels. There is additionally a key bearish trend line formed with attrition at $6,700 on the alternate blueprint of the BTC/USD pair. Moreover, the 50% Fib retracement akin of the aftermost abatement from the $6,905 aerial to $6,457 low is additionally a above resistance.
Looking at the chart, the amount is at a accident of added declines in the abreast appellation beneath $6,500. There could be an upside correction, but sellers are acceptable to arise about $6,700 and $6,800.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is convalescent college from the 25 level.
Major Support Level – $6,400
Major Resistance Level – $6,800
