THELOGICALINDIAN - Key Points
Bitcoin amount is trading in a absolute area aloft $6,610 adjoin the US Dollar. BTC/USD is advancing for the abutting move either aloft $6,750 or beneath $6,600.
Bitcoin Price Analysis
During the accomplished few hours, there were abounding attempts to beat the $6,750 resistance by bitcoin amount adjoin the US Dollar. The BTC/USD brace struggled to accretion drive aloft $6,750 and traded in a range. The aftermost beat low was formed at $6,560 afore the amount confused higher. The amount traded aloft the $6,610 akin and acclimatized aloft the 100 alternate simple affective average. There was additionally a breach aloft the 61.8% Fib retracement akin of the aftermost accelerate from the $6,777 aerial to $6,560 low.
However, the upside move was capped by the $6,750 resistance. More importantly, there is a aloft application triangle in abode with attrition about $6,740 akin on the alternate blueprint of the BTC/USD pair. The brace has to move aloft the triangle attrition and $6,750 for more upsides. Should there be a breach aloft the $6,750 level, the amount may able-bodied analysis $6,829. It represents the 1.236 Fib addendum akin of the aftermost accelerate from the $6,777 aerial to $6,560 low.
Looking at the chart, if bitcoin corrects lower, the triangle abutment at $6,660 is acceptable to authority losses. Beneath this, the $6,610 akin and the 100 alternate SMA are acceptable to act as buy zones. Overall, the amount is acceptable to accomplish the abutting move either aloft $6,750 or beneath $6,600.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is placed aloft the 50 level.
Major Support Level – $6,610
Major Resistance Level – $6,750
