THELOGICALINDIAN - Key Points
Bitcoin amount is assuming accretion signs aloft the $6,400 akin adjoin the US Dollar. BTC/USD may conceivably abide to balance appear the $7,000 level.
Bitcoin Price Analysis
There was a solid affairs interest emerged aloft the $6,000 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace formed a low at $6,131 and started an advancement move. It acquired clip and bankrupt the $6,200 and $6,300 attrition levels. There was additionally a breach aloft the 50% Fib retracement akin of the aftermost bead from the $6,900 beat aerial to $6,130 beat low.
More importantly, there was a breach aloft a aloft bearish trend band with attrition at $6,400 on the alternate blueprint of the BTC/USD pair. The brace is currently flirting with the $6,650 akin and the 100 alternate simple affective average. Should there be an upside breach aloft $6,800, there could be more gains in the abreast term. Furthermore, a breach aloft the 76.4% Fib retracement akin of the aftermost bead from the $6,900 beat aerial to $6,130 beat low may conceivably bright the way for $7,000.
Looking at the chart, the amount is currently trading in a ambit about the $6,600 level. There may be a slight bottomward acknowledgment appear the $6,500 level, but buyers are acceptable to booty a stand. Below $6,500, the abutting above abutment is about the $6,400 level. On the upside, the $7,000 akin is a above barrier for added gains.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring accepting clip in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI has acclimatized aloft the 50 level.
Major Support Level – $6,400
Major Resistance Level – $7,000
