THELOGICALINDIAN - Key Points
Bitcoin amount bounced aback acutely from $6,360 adjoin the US Dollar. BTC/USD could advance college already there is a breach aloft the $6,410 resistance.
Yesterday, there was a downside reaction from the $6,460 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace fell beneath the $6,400 and $6,410 abutment levels. There was additionally a abutting beneath the $6,400 abutment and the 100 alternate simple affective average. The abatement was such that the amount retested the $6,350-60 abutment area. There was a able affairs absorption emerged abreast $6,360, consistent in a beginning advancement move.
The amount bounced aback acutely and confused aloft the $6,390 level. There was additionally a breach aloft the 23.6% Fib retracement akin of the contempo abatement from the $6,465 aerial to $6,355 low. The accepted amount activity indicates that BTC is acceptable basic a bifold basal arrangement abreast the $6,350-60 abutment area. On the upside, there is a above bearish trend band formed with attrition at $6,410 on the alternate blueprint of the BTC/USD pair. The aforementioned trend band is abreast the 100 alternate SMA and the 50% Fib retracement akin of the contempo abatement from the $6,465 aerial to $6,355 low.
Looking at the chart, bitcoin amount will best acceptable advance assets already there is a able abutting aloft $6,410 and the 100 alternate SMA. Moreover, if the bifold basal arrangement is valid, the amount could alike breach the $6,465 aerial to barter added higher.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is about to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is aloof abreast the 50 level.
Major Support Level – $6,360
Major Resistance Level – $6,410
