THELOGICALINDIAN - Key Points
Bitcoin amount abatement continued beneath the $6,400 abutment adjoin the US Dollar. BTC/USD may actual higher, but it could face sellers abreast $6,340 and $6,380.
Bitcoin Price Analysis
Recently, there was a downside reaction from the $6,630 beat aerial in bitcoin amount adjoin the US Dollar. The BTC/USD brace started a beginning abatement and confused beneath the $6,420 and $6,400 supports. It opened the doors for added losses and the amount fell beneath $6,300. There was alike a abutting beneath the $6,400 abutment and the 100 alternate simple affective average.
Moreover, there was a breach beneath a above bullish trend band with abutment at $6,440 on the alternate blueprint of the BTC/USD pair. The brace traded as low as $6,209 and after started accumulation losses. On the upside, an initial resistance is abreast the 23.6% Fib retracement akin of the contempo abatement from the $6,533 aerial to $6,209 low. Above this, there is a abutting bearish trend band in abode with attrition at $6,320. Finally, the 50% Fib retracement akin of the contempo abatement from the $6,533 aerial to $6,209 low is at $6,368. Therefore, if the amount corrects higher, it could acquisition attrition abreast the $6,360-80 zone.
Looking at the chart, bitcoin is aback in a abrogating area beneath the $6,380 level. On the downside, a breach beneath the $6,200 abutment area could accessible the doors for added losses appear $6,120 and $6,080.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is anon able-bodied beneath the 40 level.
Major Support Level – $6,200
Major Resistance Level – $6,380
