THELOGICALINDIAN - Key Points
Bitcoin amount is currently in a declivity beneath $6,350 adjoin the US Dollar. BTC/USD could tumble already there is a breach and abutting beneath the $6,250 support.
Yesterday, we discussed that bitcoin amount may barter to a new account low beneath $6,275 adjoin the US Dollar. The BTC/USD brace did barter lower and bankrupt the $6,275 support. A new account low was formed at $6,261 and after the amount recovered a few points. The amount is aback aloft the $6,275 level, but it is able-bodied beneath the 100 alternate simple affective average. Buyers pushed the amount aloft the 23.6% Fib retracement akin of the contempo abatement from the $6,377 aerial to $6,261 low.
However, there are abounding resistances on the way up about the $6,320 and $6,350 levels. More importantly, there is a above bearish trend band in abode with attrition at $6,350 on the alternate blueprint of the BTC/USD pair. The aforementioned trend band is abreast the 100 alternate SMA at $6,345. An average attrition is $6,322 and the 61.8% Fib retracement akin of the contempo abatement from the $6,377 aerial to $6,261 low. Therefore, if the amount corrects higher, it may acquisition a strong resistance amid $6,320-6,350.
Looking at the chart, bitcoin amount is trading aloof aloft the $6,260 and $6,275 abutment levels. If sellers accretion momentum, there could be a aciculate abatement beneath the $6,250 akin in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is still placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $6,260
Major Resistance Level – $6,350
