THELOGICALINDIAN - Key Points
Bitcoin amount confused acutely beneath $6,550 adjoin the US Dollar. BTC/USD may actual a few points, but after it could resume its abatement beneath $6,300 in the abreast term.
Bitcoin Price Analysis
Bitcoin amount faced an added affairs pressure aloft $6,600 adjoin the US Dollar. The BTC/USD brace started a downside move and bankrupt a above abutment at $6,550. It opened the doors for added losses and the amount beneath by added than $250. It seems like a concise top was formed at $6,800 and the amount may advance declines in the abreast term.
During the decline, there was a breach beneath a key bullish trend band with abutment at $6,580 on the alternate blueprint of the BTC/USD pair. The brace is now trading able-bodied beneath the $6,500 akin and the 100 alternate simple affective average. The contempo low was formed at $6,279 and the amount is currently consolidating. An antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $6,799 aerial to $6,279 low. There is additionally a bearish trend band formed on the aforementioned blueprint with attrition abreast $6,400. Above this, the abutting attrition is abreast $6,500.
Looking at the chart, bitcoin is acutely in a bearish area beneath $6,550. The declared akin is now abreast the 50% Fib retracement akin of the aftermost abatement from the $6,799 aerial to $6,279 low. Therefore, any upsides are acceptable to face attrition abreast $6,500-50. On the downside, a breach beneath $6,279 may alarm for a analysis of $6,200.
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 affective college appear the 40 level.
Major Support Level – $6,280
Major Resistance Level – $6,500
