THELOGICALINDIAN - Key Points
Bitcoin amount is positioned accurately aloft $6,600 adjoin the US Dollar. BTC/USD could advance assets aloft $6,640 to analysis the abutting attrition at $6,800.
Yesterday, we discussed that bitcoin amount seems to be preparing for the abutting leg either aloft $6,640 or beneath $6,460 adjoin the US Dollar. The BTC/USD brace traded college and bankrupt the $6,600 and $6,620 attrition levels. There was additionally a breach aloft the $6,640 akin and the amount acclimatized aloft the 100 alternate simple affective average. It traded to a new account aerial at $6,688 and after it adapted lower.
It beneath beneath the $6,650 akin and the 23.6% Fib retracement akin of the contempo beachcomber from the $6,490 low to $6,688 high. However, the downside move was adequate by the $6,600 level, which was a attrition earlier. Moreover, the 50% Fib retracement akin of the recent wave from the $6,490 low to $6,688 aerial acted provided support. There is additionally a abutting bullish trend band with abutment at $6,600 on the alternate blueprint of the BTC/USD pair. Beneath $6,600, the 100 alternate SMA could authority losses at $6,565. There is additionally addition above bullish trend band in abode with abutment at $6,550.
Looking at the chart, bitcoin amount is positioned accurately aloft the $6,550 support. As continued as the amount is aloft $6,550 and the 100 alternate SMA, it could ascend higher. An antecedent attrition is at $6,640, followed by $6,700 and the aftermost one is at $6,800.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is about to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloft the 50 level.
Major Support Level – $6,550
Major Resistance Level – $6,640
