THELOGICALINDIAN - Key Points
Bitcoin amount is adverse an added affairs burden beneath $6,600 adjoin the US Dollar. BTC/USD may abatement added if it fails to move aloft the $6,560 resistance.
Bitcoin Price Analysis
Recently, bitcoin amount activated the $6,600 and $6,650 resistance levels adjoin the US Dollar. The BTC/USD brace bootless to accretion drive aloft $6,600, which resulted in a downside move. The amount beneath and bankrupt a above abutment at $6,500. During the decline, there were bearish moves formed beneath the $6,600 akin and the 100 alternate simple affective average.
More importantly, yesterday’s accent acute bullish trend band was breached with abutment at $6,580 on the alternate blueprint of the BTC/USD pair. The brace beneath and activated the $6,450 level. It is currently accumulation losses aloft the $6,420-00 abutment area. An antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $6,791 aerial to $6,447 low. There is additionally a bearish trend band formed with attrition at $6,560, and it coincides with the 100 alternate SMA. A breach aloft the trend band may advance the amount appear $6,620. It is a acute attrition and coincides with the 50% Fib retracement akin of the aftermost abatement from the $6,791 aerial to $6,447 low.
Looking at the chart, the amount is disturbing to accretion drive aloft $6,550 and $6,600. Therefore, it is at a accident of added declines beneath $6,450. In the mentioned case, the $6,400 abutment holds a lot of accent and charge authority to abstain a bearish break.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is able-bodied beneath the 40 level.
Major Support Level – $6,400
Major Resistance Level – $6,600
