THELOGICALINDIAN - Key Points
Bitcoin amount is trading beneath key resistances adjoin the US Dollar. BTC/USD could retest the $6,400 and $6,350 supports afore an upside move.
There was a solid acceleration aloft the $6,400 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace recovered aloft the $6,490 and $6,500 attrition levels. There was additionally a breach aloft the 50% Fib retracement akin of the downside move from the $6,660 beat aerial to $6,315 beat low. However, the upside move faced a strong resistance abreast the $6,540-50 region.
More importantly, the 61.8% Fib retracement akin of the downside move from the $6,660 beat aerial to $6,315 beat low prevented gains. It seems like there is an important attrition formed abreast $6,540 and two bearish trend curve on the alternate blueprint of the BTC/USD pair. Additionally, the 100 alternate simple affective boilerplate is additionally positioned abreast $6,540 to act as a barrier for buyers. If bitcoin buyers accomplish in before the $6,540, $6,550 and the 100 alternate SMA, there could be added gains. The abutting attrition is at $6,660, followed by the $6,750 level.
Looking at the chart, bitcoin amount is acutely afterward a bearish bent beneath $6,540. On the downside, an antecedent abutment is at $6,400. If there is a breach beneath the $6,400 support, the amount may abatement appear the $6,350 support. The abutting key abutment is abreast the contempo beat low at $6,315.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI confused beneath the 50 level.
Major Support Level – $6,350
Major Resistance Level – $6,540
