THELOGICALINDIAN - Key Points
Bitcoin amount is boring airy from $6,200 adjoin the US Dollar. BTC/USD charge bright the $6,680 attrition and the 100 alternate SMA to accretion bullish momentum.
Bitcoin Price Analysis
Yesterday, we discussed bitcoin amount could rebound added from the $6,100 abutment adjoin the US Dollar. The BTC/USD brace did move college and bankrupt the $6,350 and $6,550 attrition levels. The move was absolute back the amount bankrupt the 38.2% Fib retracement akin of the aftermost bead from the $7,160 beat aerial to $6,100 beat low. However, the upside move faced a able attrition abreast the $6,630 level.
It seems like the 50% Fib retracement akin of the aftermost bead from the $7,160 beat aerial to $6,100 beat low acted as a barrier. The amount beneath a few credibility and is currently trading abreast the $6,400-6,450 zone. Added importantly, there is a key ascendance approach basic with abutment at $6,300 on the alternate blueprint of the BTC/USD pair. The approach abutment is actual important abreast the $6,300 akin and is acceptable to act as a buy zone. On the upside, the approach attrition at $6,680 is positioned with the 100 hourly simple affective average. Therefore, a abutting aloft $6,680 is charge for added assets in the abreast term.
Looking at the chart, there were absolute moves in bitcoin amount aloft the $6,100 and $6,300 levels. Going forward, if buyers accretion backbone aloft $6,680, there could be solid assets in BTC/USD appear $7,000.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently affective aloft the 50 level.
Major Support Level – $6,300
Major Resistance Level – $6,680
