THELOGICALINDIAN - Key Points
Bitcoin amount struggled abreast the $7,580 akin adjoin the US Dollar. BTC/USD is acclimation lower, but it charcoal accurate aloft the $7,100 level.
Bitcoin Price Analysis
Bitcoin amount traded a few credibility aloft the $7,550 resistance adjoin the US Dollar. The BTC/USD brace activated the $7,600 breadth area sellers prevented added upsides. A aerial was formed at $7,605 afore the amount started a downside correction. It beneath beneath the $7,400 abutment to move into a concise bearish zone. During the decline, there was a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $6,673 low to $7,605 high.
Additionally, there was a breach beneath a key ascendance approach with abutment at $7,420 on the alternate blueprint of the BTC/USD pair. The brace activated the $7,250 akin and 38.2% Fib retracement akin of the aftermost beachcomber from the $6,673 low to $7,605 high. At the moment, the amount is consolidating aloft the $7,250 level. If the amount declines further, it could analysis the $7,140 support, which is the 50% Fib retracement level. Added beneath this, the amount may able-bodied advance alteration appear the $7,000 support.
Looking at the chart, the amount is currently disturbing to accretion drive aloft $7,400. Therefore, there is a accident of a downside push, but bitcoin is acceptable to acquisition buyers abreast $7,140 and $7,100. On the upside, a breach aloft $7,400 will acceptable advance the amount aback appear the $7,580 resistance.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is captivation the 50 level.
Major Support Level – $7,140
Major Resistance Level – $7,580
