THELOGICALINDIAN - Key Points
Bitcoin amount is trading in a bullish area aloft $6,200 adjoin the US Dollar. BTC/USD charge breach the $6,400 and $6,500 attrition levels to ascend added higher.
Bitcoin Price Analysis
There was a aciculate upside move from the $5,800 beat low in bitcoin amount adjoin the US Dollar. The BTC/USD brace climbed aloft the $6,000 and $6,400 attrition levels. It traded as aerial as $6,527 and is currently acclimation lower. The amount started a downside alteration and bankrupt the 38.2% Fib retracement akin of the aftermost beachcomber from the $5,794 low to $6,527 high.
However, the abatement was adequate by the $6,250 level, which was a attrition earlier. Moreover, the 38.2% Fib retracement akin of the aftermost beachcomber from the $5,794 low to $6,527 aerial additionally acted as a support. At the moment, there is a bullish banderole arrangement basic with abutment at $6,260 on the alternate blueprint of the BTC/USD pair. The banderole abutment is abreast the $6,250 level. Below this, the amount could analysis the $6,200 abutment and the 100 alternate simple affective average. If the banderole arrangement plays well, the amount ability resume its upside move by allowance the $6,400 resistance. The abutting hurdles are at $6,500 and $6,600.
Looking at the chart, the amount charge breach aloft the $6,200 abutment for an upside move. If not, there is a accident of a downside move aback appear $6,000. The all-embracing amount activity is absolute with affairs of a bullish breach aloft $6,400.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is aloof beneath the 50 level.
Major Support Level – $6,200
Major Resistance Level – $6,400
