THELOGICALINDIAN - Key Points
Bitcoin amount is disturbing to accretion drive aloft $6,500 adjoin the US Dollar. BTC/USD could actual a few credibility afore a beginning advancement move.
Yesterday, we saw a sharp advancement move aloft the $6,700 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded aloft the $6,800 akin and topped at $6,829. Later, there was a aloft downside move and the amount antipodal best assets beneath $6,500. There was alike a advance beneath the $6,400 abutment and a low was formed at $6,349. Later, the amount started accumulation and confused aloft the $6,400 level.
It activated the 23.6% Fib retracement akin of the contempo abatement from the $6,829 aerial to $6,349 low. However, buyers bootless to bright the $6,500 attrition level. At the outset, there is a concise ascendance approach in abode with abutment at $6,400 on the alternate blueprint of the BTC/USD pair. The brace seems to be disturbing to breach the $6,500 and $6,520 resistances. Therefore, there could be a downside alteration beneath the approach abutment at $6,400. The amount may analysis the $6,340 or $6,320 abutment levels afore buyers booty aback control. On the added hand, a breach aloft the $6,500 and $6,520 attrition will best acceptable alarm for added gains.
Looking at the chart, bitcoin amount is placed in a absolute area aloft $6,280. However, the amount charge breach $6,520 and again 50% Fib retracement akin of the contempo abatement from the $6,829 aerial to $6,349 low at $6,590 to ascend added higher.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is still aloft the 50 level.
Major Support Level – $6,400
Major Resistance Level – $6,500
