THELOGICALINDIAN - Key Points
Bitcoin amount continued losses appear $5,200 adjoin the US Dollar. BTC/USD is currently airy and it could actual college appear $5,900.
Yesterday, we discussed the chances of added declines beneath $5,400 in bitcoin amount adjoin the US Dollar. The BTC/USD brace continued losses beneath the $5,330 beat low and traded appear the $5,200 low. A new 2018 low was formed at $5,206 and after the amount started a beginning recovery. The amount confused aloft the $5,300 and $5,400 resistance. Besides, there was a breach aloft the 61.8% Fib retracement akin of the aftermost abatement from the $5,646 aerial to $5,206 low.
Buyers additionally pushed the amount aloft the $5,550 level, but they struggled abreast $5,600. Moreover, there is a aloft bearish trend band in abode with attrition at $5,550 on the alternate blueprint of the BTC/USD pair. The brace seems to be advancing for a larger recovery aloft the $5,600 level. If there is a abutting aloft $5,600, the amount could abide to move college appear the $5,750 level. It represents the 1.236 Fib addendum akin of the aftermost abatement from the $5,646 aerial to $5,206 low. Finally, the capital attrition could be $5,918, which is the 1.618 Fib addendum level.
Looking at the chart, bitcoin amount is acceptable basic an changed arch and amateur arrangement with attrition at $5,600. Therefore, a able breach aloft the $5,600 akin will best acceptable advance the amount appear $5,750 or $5,900.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloof beneath the 50 level.
Major Support Level – $5,400
Major Resistance Level – $5,600
