THELOGICALINDIAN - Key Points
Bitcoin amount recovered accurately from the $6,200 abutment adjoin the US Dollar. BTC/USD is now aloft $6,300, but it could attempt abreast the $6,370, $6,390 and $6,400 levels.
Bitcoin Price Analysis
After trading as low as $6,202, bitcoin amount begin able bids adjoin the US Dollar. The BTC/USD brace started an upside move and climbed aloft a few key resistances like $6,280 and $6,300. The amount austere the 23.6% Fib retracement akin of the aftermost accelerate from the $6,530 beat aerial to $6,202 low. It opened the doors for added assets and the amount acicular appear the $6,390 and $6,400 resistances.
There was a analysis of the 50% Fib retracement akin of the aftermost accelerate from the $6,530 beat aerial to $6,202 low. BTC buyers bootless to bright the $6,390 and $6,400 resistances. However, there was a breach aloft a key bearish trend band with attrition at $6,340 on the alternate blueprint of the BTC/USD pair. If the contempo upside breach is true, there could be added assets appear the $6,400 and $6,410 levels. The 100 hourly simple affective average is positioned abreast the $6,410 akin to act as a resistance. Therefore, a able abutting aloft the $6,400 attrition and the 100 alternate SMA is bare for added upsides.
Looking at the chart, bitcoin is boring accident drive beneath $6,400. If there is a downside correction, the $6,300 abutment could act as a buy area in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is mostly aloof in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is anon able-bodied aloft the 50 level.
Major Support Level – $6,300
Major Resistance Level – $6,410
