THELOGICALINDIAN - Key Points
Bitcoin amount is trading in a absolute area adjoin the US Dollar. BTC/USD could abide to move college as continued as it is aloft $6,375 abutment level.
Yesterday, bitcoin amount started a downside correction afterwards trading as aerial as $6,472 adjoin the US Dollar. The BTC/USD brace beneath beneath the $6,440 and $6,420 abutment levels. It additionally bankrupt the 50% Fib retracement akin of the aftermost leg from the $6,319 low to $6,472 high. However, the amount is still trading able-bodied aloft the $6,375 abutment and the 100 alternate simple affective average.
The amount afresh activated the $6,370-6,375 area, which acted as a support. Besides, the 61.8% Fib retracement akin of the aftermost leg from the $6,319 low to $6,472 aerial additionally provided support. More importantly, there is a aloft bullish trend band in abode with abutment at $6,390 on the alternate blueprint of the BTC/USD pair. The brace is currently placed accurately aloft the $6,375 abutment and the 100 alternate simple affective average. On the upside, there is a abutting bearish trend band with attrition at $6,420. It seems like the amount could dip appear $6,375 afore it starts a fresh advancement move aloft $6,420 and $6,440.
Looking at the chart, bitcoin amount is still in an uptrend from the $6,200 support. Once buyers advance the amount aloft $6,440, there could be added assets aloft the $6,475 akin in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently collapsed abreast the 50 level.
Major Support Level – $6,375
Major Resistance Level – $6,440
