THELOGICALINDIAN - Key Points
Bitcoin amount continued losses beneath $6,200 adjoin the US Dollar. BTC/USD traded appear $6,100 and is currently airy on the alley to the $6,510 resistance.
Bitcoin Price Analysis
There was no accretion in bitcoin amount bygone aloft the $6,600 akin adjoin the US Dollar. The BTC/USD brace extended losses and bankrupt the $6,400 and $6,300 abutment levels. It traded abutting to the $6,100 akin and formed a low at $6,106. Later, buyers took a angle the amount started an advancement move. It adapted aloft the $6,200 and $6,250 levels to set the clip for a appropriate recovery.
At the moment, the amount is trading abreast a key hurdle at $6,400. The 23.6% Fib retracement akin of the contempo accelerate from the $7,157 aerial to $6,106 low is acting as a resistance. Moreover, there is a concise abutting bearish trend band in abode with attrition abreast $6,380-6,400 on the alternate blueprint of the BTC/USD pair. It seems like the amount may dip a few credibility afore it could move accomplished $6,400 and $6,450. The abutting important attrition aloft $6,450 is abreast $6,510. It represents the 38.2% Fib retracement akin of the contempo accelerate from the $7,157 aerial to $6,106 low. Therefore, recoveries from the accepted levels are acceptable to face resistances abreast $6,450 and $6,500.
Looking at the chart, the accepted amount activity is advertence a concise accretion in bitcoin aloft $6,400. However, assets could be bound and the amount may conceivably resume its accelerate beneath $6,300 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently abreast the 40 level.
Major Support Level – $6,200
Major Resistance Level – $6,510
