THELOGICALINDIAN - Key Points
Bitcoin amount acquired absorption aloft $6,450 and activated $6,600 adjoin the US Dollar. BTC/USD is currently disturbing to bright $6,600 and it may actual lower in the abbreviate term.
Bitcoin Price Analysis
Yesterday, we saw an upside break aloft the $6,320 attrition in bitcoin amount adjoin the US Dollar. The BTC/USD brace acquired absorption and it climbed aloft the $6,450 and $6,510 attrition levels. There was a absolute amount activity developed aloft the $6,500 akin and the 100 alternate simple affective average. The amount alike activated the $6,600 akin area sellers emerged.
The blueprint indicates that the amount activated the $6,600 attrition on two occasions and failed. This agency there is a adventitious of a bifold top arrangement basic abreast $6,600. On the downside, an antecedent abutment is abreast the $6,510 level. It is abutting to the 23.6% Fib retracement akin of the contempo leg from the $6,200 beat low to $6,600 high. Moreover, there is a abbreviate appellation ascendance approach in abode with abutment at $6,505 on the alternate blueprint of the BTC/USD pair. If the brace break the approach support, it could decline appear $6,400. The $6,400 abutment is important back it is the 50% Fib retracement akin of the contempo leg from the $6,200 beat low to $6,600 high.
Looking at the chart, bitcoin charge breach the $6,600 attrition soon. If not, the amount could actual lower appear $6,510 or $6,400 in the abreast term. Above $6,600, the amount may ascend appear $6,720 and $6,750.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is anon positioned accurately aloft the 60 level.
Major Support Level – $6,400
Major Resistance Level – $6,600
