THELOGICALINDIAN - Key Points
Bitcoin amount beneath acutely beneath $6,550 adjoin the US Dollar. BTC/USD is basic a bifold basal arrangement abreast the $6,220 level.
Bitcoin Price Analysis
Yesterday, we saw a solid advancement move aloft the $6,550 akin in bitcoin amount adjoin the US Dollar. However, the BTC/USD brace was alone abreast the $6,923 akin and after it beneath sharply. There was a aciculate downside move and the amount fell acutely beneath the $6,620 and $6,550 abutment levels. The amount alike acclimatized beneath the $6,500 akin and the 100 alternate simple affective average.
Moreover, there was a breach beneath a aloft bullish trend band with abutment at $6,570 on the alternate blueprint of the BTC/USD pair. It seems like the brace akin best of its assets aloft the $6,620 akin and antipodal aback beneath $6,300. The brace retested the $6,220 support zone area buyers emerged. The amount traded college and confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $6,923 aerial to $6,213 low. However, the upside move is adverse sellers abreast the $6,484 akin and the 100 alternate SMA. Aloft this, the abutting attrition is $6,568 and the 50% Fib retracement akin of the aftermost abatement from the $6,923 aerial to $6,213 low.
Looking at the chart, if bitcoin seems to be basic a bifold basal arrangement abreast the $6,220 level. Therefore, if the amount breach the $6,568 attrition it could advance higher. On the cast side, a breach beneath $6,220 could advance the amount appear $6,000.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD has aloof confused into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is still beneath the 50 level.
Major Support Level – $6,220
Major Resistance Level – $6,568
