THELOGICALINDIAN - Key Points
Bitcoin amount is positioned in the absolute area aloft $6,300 adjoin the US Dollar. BTC/USD could move aback college appear $6,500 in the abreast term.
Bitcoin Price Analysis
There were a brace of nasty beat moves aloft $6,100 in bitcoin amount adjoin the US Dollar. The BTC/USD brace biconcave acutely beneath the $6,200 abutment breadth and activated the $6,100 support. A low was formed at $6,104 and after the amount surged higher. There were two aback to aback ample candles were formed aloft the $6,400 level. The amount rallied appear the $6,580 akin and a aerial was formed at $6,573.
During the ride, there was a breach aloft two bearish trend curve with attrition at $6,320 on the alternate blueprint of the BTC/USD pair. Later, the amount adapted lower beneath the $6,500 level. It alike adapted beneath the 23.6% Fib retracement akin of the last rally from the $6,104 low to $6,573 high. At the moment, the amount is trading abreast the $6,400 abutment and the 100 alternate simple affective average. Beneath this, the abutting abutment is abreast the $6,338 level. It represents the 50% Fib retracement akin of the aftermost assemblage from the $6,104 low to $6,573 high. Moreover, the burst trend curve abreast the $6,320 akin are additionally acceptable to act as supports.
Looking at the chart, bitcoin is placed accurately aloft the $6,320-30 zone. As continued as the amount is aloft $6,300, it could move aback college appear the $6,500 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is anon able-bodied aloft the 60 level.
Major Support Level – $6,320
Major Resistance Level – $6,500
