THELOGICALINDIAN - Key Points
Bitcoin amount abatement was independent by $6,775 adjoin the US Dollar. BTC/USD is still in a absolute area and it may anon ascend aback appear $7,120 and $7,200.
Bitcoin Price Analysis
Yesterday, we saw the start of a downside correction from the $7,130 beat aerial in bitcoin amount adjoin the US Dollar. The BTC/USD brace beneath and bankrupt the $6,920 and $6,920 abutment levels. There was alike a fasten beneath the $6,800 akin and the 100 alternate simple affective average. Additionally, the amount austere the 50% Fib retracement akin of the aftermost advancement move from the $6,710 low to $7,130 beat high.
More importantly, this week’s followed aloft bullish trend band was breached with abutment at $6,930 on the alternate blueprint of the BTC/USD pair. However, bitcoin buyers took a angle abreast the $6,775 abutment area, which was a resistance earlier. The amount reacted actual aggressively and bounced aback aloft the $6,900 level. It alike climbed aback aloft the $6,920 akin and the 100 alternate SMA. Buyers pushed the amount aloft a bearish trend band and the $6,950 resistance. Lastly, there was a breach aloft the 50% Fib retracement akin of the contempo accelerate from the $7,119 aerial to $6,778 low.
Looking at the chart, bitcoin recovered accurately from the $6,778 low and is currently trading with a bullish angle. It seems like the amount may revisit the $7,130 aerial as continued as the $6,775 abutment is intact. Above $7,130, the abutting resistances are $7,200 and $7,250.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is aback aloft the 50 level.
Major Support Level – $6,850
Major Resistance Level – $7,130
