THELOGICALINDIAN - Key Points
Bitcoin amount bankrupt key supports abreast $6,280 adjoin the US Dollar. BTC/USD may actual higher, but burst supports at $6,050 and $6,280 are acceptable to cap gains.
Bitcoin Price Analysis
Yesterday, we discussed that bitcoin amount could accretion momentum if it breach the $6,570 attrition adjoin the US Dollar. The BTC/USD brace bootless to breach the $6,570 and $6,600 attrition levels, and declined. It alone acutely and bankrupt abounding supports like $6,450, $6,300 and $6,280. It alike acclimatized beneath the $6,100 akin and the 100 alternate simple affective average.
During the decline, yesterday’s accent key application triangle was breached with abutment at $6,350 on the alternate blueprint of the BTC/USD pair. It austere the aisle for added losses and the amount beneath beneath the $6,000 support. A new account low was formed at $5,894 and the amount is currently accumulation losses. An antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost bead from the $6,547 aerial to $5,894 low. Above $6,050 and $6,100, the abutting above attrition is abreast the $6,200-6,280 zone. Moreover, the 50% Fib retracement akin of the aftermost bead from the $6,547 aerial to $5,894 low is about the $6,220. Therefore, if the amount corrects higher, it could face sellers abreast the $6,200 attrition area.
Looking at the chart, bitcoin is beneath a lot of burden beneath $6,300. Should buyers abort to advance the amount aback aloft $6,200 and $6,300, there may able-bodied be added losses appear the $5,700 and $5,500 levels.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed heavily the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently beneath the 30 level.
Major Support Level – $5,880
Major Resistance Level – $6,220
