THELOGICALINDIAN - Key Points
Bitcoin amount confused into a bearish area beneath $6,000 adjoin the US Dollar. BTC/USD may conceivably extend its accelerate appear the $5,650 akin in the abreast term.
Bitcoin Price Analysis
After trading in a key range aloft the $6,000 level, bitcoin amount faced sellers adjoin the US Dollar. The BTC/USD brace started a downside move and bankrupt the $6,100 and $6,000 abutment levels. The abatement was such that the amount austere the 61.8% Fib retracement akin of the aftermost leg from the $5,665 low to $6,338 high. It is now trading able-bodied beneath the $6,000 abutment and the 100 alternate simple affective average.
More importantly, yesterday’s accent crumbling approach with abutment at $5,950 was breached on the alternate blueprint of the BTC/USD pair. The brace traded as low as $5,789 and it is currently acclimation higher. An antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $6,345 aerial to $5,789 low. However, the most important resistance is abreast the $6,100 akin and the 100 alternate SMA. It is abutting to the 50% Fib retracement akin of the aftermost abatement from the $6,345 aerial to $5,789 low.
Looking at the chart, the amount may actual a few credibility in the abbreviate appellation appear $6,000 and $6,100. However, it is acceptable to face sellers aloft $6,000. Therefore, there are aerial affairs of it crumbling added beneath $5,780 to analysis the aftermost beat low of $5,650.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is acclimation from the oversold levels.
Major Support Level – $5,780
Major Resistance Level – $6,100
