THELOGICALINDIAN - Key Points
Bitcoin amount is trading aloft key supports adjoin the US Dollar. BTC/USD needs to bright the $6,665 attrition to revisit $6,800 and $6,850.
There was a aciculate downside correction from the $6,794 aerial in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded beneath the $6,600 abutment level, but declines were adequate able-bodied aloft $6,400. A low was formed at $6,451 and it seems like there is a able abutment formed abreast $6,440. Later, the amount recovered aloft the $6,500 akin and the 23.6% Fib retracement akin of the bottomward move from the $6,794 aerial to $6,451 low.
BTC amount traded aloft the 100 alternate simple affective average, but the upside move was adequate by the $6,625-6,640 zone. Moreover, the 50% Fib retracement akin of the bottomward move from the $6,794 aerial to $6,451 low is acting as a hurdle for buyers. Besides, there is a concise abutting bearish trend band in abode with attrition abreast $6,625 on the alternate blueprint of the BTC/USD pair. A breach aloft the trend band could advance the amount appear the $6,665 resistance. It represents the 61.8% Fib retracement akin of the downward move and a axis level. If buyers advance the amount aloft $6,665, bitcoin will best acceptable billow appear the $6,800 level.
Looking at the chart, bitcoin amount is trading accurately aloft a acute bullish trend band formed with abutment at $6,540 on the aforementioned chart. As continued as the amount is aloft $6,540 and $6,440, it may conceivably barter appear $6,800.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is currently collapsed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is aloof aloft the 50 level.
Major Support Level – $6,440
Major Resistance Level – $6,665
