THELOGICALINDIAN - Key Points
Bitcoin amount adapted lower beneath $6,500 adjoin the US Dollar. BTC/USD is currently testing a above abutment at $6,440, which holds the key.
Yesterday, we saw a nice advancement move aloft the $6,500 attrition in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded as aerial as $6,553 and acclimatized aloft the 100 alternate simple affective average. Later, the amount started a downside alteration and traded beneath $6,510 and $6,500. Moreover, there was a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $6,369 low to $6,553 high.
However, the amount is now trading abreast a aloft abutment breadth at $6,440. More importantly, there is a cogent bullish trend band in abode with abutment at $6,440 on the alternate blueprint of the BTC/USD pair. Besides, the 61.8% Fib retracement akin of the aftermost beachcomber from the $6,369 low to $6,553 aerial is additionally abreast $6,440. Therefore, the amount is acceptable to authority the $6,440 abutment and it could resume its upside move. An antecedent attrition is abreast $6,480, aloft which the amount may able-bodied breach the $6,500 barrier again. On the added hand, a breach beneath the $6,440 support could advance the amount appear the abutting abutment at $6,375.
Looking at the chart, bitcoin amount is testing a few important supports abreast $6,440 and it will best acceptable animation back. To the topside, a breach aloft $6,500 ability put buyers aback in control.
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 currently able-bodied beneath the 50 level.
Major Support Level – $6,440
Major Resistance Level – $6,500
