THELOGICALINDIAN - Key Points
Bitcoin amount is beneath burden beneath $7,120 adjoin the US Dollar. However, BTC/USD may conceivably actual college in the abbreviate appellation appear $7,050 and $7,100.
Bitcoin Price Analysis
After a correction aloft the $7,120 level, bitcoin amount a able attrition abreast $7,160 adjoin the US Dollar. The BTC/USD brace started a bottomward move and bankrupt the $7,050 and $7,000 abutment levels. The abatement was such that the amount alike bankrupt the $6,884 low. A new account low was formed at $6,834 afore buyers appeared. The amount recovered aloft $6,900 and the 23.6% Fib retracement akin of the aftermost abatement from the $7,163 aerial to $6,834 low.
At the moment, the amount is attempting to bright the $6,960 and $7,000 resistances. There is additionally a key abutting bearish trend band formed with attrition abreast $6,960 on the alternate blueprint of the BTC/USD pair. Should there be a abutting aloft the $7,000 resistance, the amount may analysis the $7,080 level. It represents the 76.4% Fib retracement akin of the aftermost abatement from the $7,163 aerial to $6,834 low. Aloft this, a crucial attrition awaits abreast $7,120 and the 100 alternate simple affective average. A acknowledged abutting aloft $7,120 may able-bodied accessible the doors for added upsides in the abreast term.
Looking at the chart, BTC amount is trading in a bearish zone, but concise recoveries are accessible aloft $7,000. On the downside, a breach beneath $6,850 ability bright the aisle for a advance appear $6,500.
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 positioned aloof aloft the 50 level.
Major Support Level – $6,850
Major Resistance Level – $7,120
