THELOGICALINDIAN - Key Points
Bitcoin amount is placed accurately aloft $6,500 adjoin the US Dollar. BTC/USD may boring ascend college to a new account aerial as continued as it is aloft $6,400.
Bitcoin Price Analysis
Yesterday, bitcoin amount gained momentum and traded aloft the $6,700 attrition adjoin the US Dollar. The BTC/USD brace traded appear the $6,800 attrition and formed a new account aerial at $6,793. Later, there was a downside alteration and the amount beneath beneath the $6,700 level. There was additionally a breach beneath the 50% Fib retracement akin of the aftermost leg from the $6,403 low to $6,793 high.
The downside move begin abutment abreast the $6,500 level. Moreover, a aloft bullish trend band acted as a barrier with accepted abutment at $6,550 on the alternate blueprint of the BTC/USD pair. Moreover, the 61.8% Fib retracement akin of the aftermost leg from the $6,403 low to $6,793 aerial additionally provided support. On the downside, the 100 alternate simple affective boilerplate is positioned at $6,500 to anticipate declines. Therefore, it seems like there are many supports on the downside amid $6,550-6,400. On the upside, an antecedent attrition is at $6,700. Aloft this, there is a adventitious of a new account college aloft $6,800.
Looking at the chart, the amount is able-bodied accurate aloft $6,400. It is currently accumulation beneath the $6,700 and it seems like buyers could accretion drive for added assets in the abreast term.
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 now abreast the 50 level.
Major Support Level – $6,600
Major Resistance Level – $6,800
