THELOGICALINDIAN - Key Points
Bitcoin amount recovered aloft the $6,420 akin adjoin the US Dollar. However, BTC/USD buyers are acceptable to attempt abreast the $6,620 attrition zone.
Bitcoin Price Analysis
Yesterday, we saw a monster decline from able-bodied aloft the $7,000 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded abutting to the $6,240 akin and formed a low at $6,249. Later, the amount started an advancement move and adapted aloft the $6,300 and $6,420 levels. There was additionally a breach aloft the 23.6% Fib retracement akin of the aftermost key bead from the $6,990 aerial to $6,249 low.
However, the amount is currently adverse attrition abreast the $6,530 level. More importantly, there is a bearish banderole basic with accepted attrition at $6,600 on the alternate blueprint of the BTC/USD pair. On the upside, there is a able attrition basic abreast the $6,600-6,620 zone. It represents the 50% Fib retracement akin of the aftermost key bead from the $6,990 aerial to $6,249 low. Additionally, there is a abutting bearish trend band in abode with attrition abreast $6,615. Therefore, the $6,600-6,620 resistance area acutely holds a lot of significance.
Looking at the chart, bitcoin could actual further, but it may possibly attempt to breach $6,620. If it moves bottomward and breach the bearish banderole abutment at $6,390, there ability be added losses. In this case, the amount may able-bodied breach the $6,249 low to analysis the $6,100 abutment area in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is acceptable to move aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloof abreast the 50 level.
Major Support Level – $6,390
Major Resistance Level – $6,620
