THELOGICALINDIAN - Key Points
Bitcoin amount continued losses beneath the $6,680 abutment adjoin the US Dollar. BTC/USD is now at a accident of added slides if there is a breach beneath $6,550.
Bitcoin Price Analysis
Bitcoin amount started a downside move from the $6,840 beat aerial adjoin the US Dollar. The BTC/USD brace beneath and bankrupt the $6,700 abutment level. The abatement was such that the amount bootless to authority the $6,680 abutment area. More importantly, there was a breach beneath the 50% Fib retracement akin of the aftermost leg from the $6,445 low to $6,840 beat high.
There was a fasten beneath the $6,580 abutment and the amount acclimatized beneath the 100 alternate simple affective average. On the downside, there is a bullish trend band with abutment at $6,560 on the alternate blueprint of the BTC/USD pair. If the brace break the trend band and $6,550, there is a accident of added slides. An antecedent abutment is about the 76.4% Fib retracement akin of the aftermost leg from the $6,445 low to $6,840 beat aerial at $6,540. Beneath this, the amount may conceivably accelerate declines appear $6,500 and $6,450. On the upside, the $6,650 and the 100 alternate SMA are antecedent barriers.
Looking at the chart, yesterday’s accent abutting bearish trend band is complete with attrition at $6,680. A breach aloft this trend band and $6,700 is bare for a recovery. The abutting resistances are apparent abreast $6,750 and $6,800.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective appear the 20 level.
Major Support Level – $6,550
Major Resistance Level – $6,680
