THELOGICALINDIAN - Key Points
Bitcoin amount is trading accurately aloft the $6,350 axis akin adjoin the US Dollar. BTC/USD is acceptable to accomplish an attack to beat the $6,640 resistance.
There was a strong abutment base formed aloft the $6,320 and $6,350 levels by bitcoin amount adjoin the US Dollar. The BTC/USD brace traded college and formed a few lower highs at $6,800, $6,700 and $6,640. The contempo beat low was formed at $6,398 afore the amount traded aloft $6,500. There was a breach aloft the $6,600 akin and the 100 alternate simple affective average. The amount alike bankrupt the 50% Fib retracement akin of the aftermost bead from the $6,797 aerial to $6,398 low.
However, the upside move was capped by the $6,640 level. It represents the 61.8% Fib retracement akin of the aftermost bead from the $6,797 aerial to $6,398 low. The brace beneath and traded beneath the $6,550 akin and the 100 alternate SMA. At the outset, there is a significant application triangle in abode with abutment at $6,460 on the alternate blueprint of the BTC/USD pair. On the upside, a breach aloft the triangle attrition and $6,640 is bare for a advance appear $6,800. On the added hand, beneath the triangle abutment the amount could abatement appear the key $6,350 support.
Looking at the chart, bitcoin amount seems to be advancing for the abutting move either aloft $6,640 or beneath $6,460. The accepted amount activity indicates that buyers may anon try to advance the amount aloft $6,640 and $6,700.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is mostly collapsed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloft the 50 level.
Major Support Level – $6,460
Major Resistance Level – $6,640
