THELOGICALINDIAN - Key Points
Bitcoin amount is in a bearish area beneath $6,500 adjoin the US Dollar. BTC/USD charge breach $6,280 and $6,540 to move aback in a absolute zone.
Bitcoin Price Analysis
There was another downside reaction beneath $5,900 in bitcoin amount adjoin the US Dollar. The BTC/USD brace continued declines beneath $5,800 and traded to a new account low at $5,654. Later, it started an upside alteration aloft $5,700, but it is still way beneath the 100 alternate simple affective average. The amount bankrupt the 38.2% Fib retracement akin of the aftermost bead from the $6,734 aerial to $5,654 low.
However, the upside move was capped by a acute attrition abreast $6,300, which was a abutment earlier. Moreover, the amount faced sellers abreast the 50% Fib retracement akin of the aftermost bead from the $6,734 aerial to $5,654 low. Additionally, there are two bearish trend curve formed with attrition at $6,280 and $6,540 on the alternate blueprint of the BTC/USD pair. The brace is currently struggling to break the aboriginal trend band and the $6,280 resistance. Should there be an upside break, the amount may conceivably analysis the additional trend band at $6,540.
Looking at the chart, the amount charge bright the $6,280 and $6,300 barriers to balance further. Above these, the amount could face abundant affairs absorption abreast $6,500. On the downside, supports are at $6,000, $5,800 and again at $5,650.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is currently collapsed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now able-bodied aloft the 50 level.
Major Support Level – $5,800
Major Resistance Level – $6,300
