THELOGICALINDIAN - Key Points
Bitcoin amount is boring convalescent aloft $6,200 adjoin the US Dollar. However, BTC/USD is acceptable to face a able attrition abreast the $6,315 and $6,365 levels.
Yesterday, there was a sharp downside move beneath $6,400 in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike bankrupt the $6,200 abutment akin and acclimatized beneath the 100 alternate simple affective average. It activated the abutting important abutment at $6,100-6,110 and after started accumulation losses. A abutment abject was formed abreast $6,110 and the amount started an upside correction.
It afresh traded aloft the $6,200 attrition to move into a absolute zone. There was a breach aloft the 23.6% Fib retracement akin of the aftermost abatement from the $6,538 aerial to $6,093 low. Moreover, there was a breach aloft a abutting bearish trend band with attrition at $6,195 on the alternate blueprint of the BTC/USD pair. The brace is currently placed with a absolute bend aloft the $6,200 level. There could be a accessory downside, but it seems like the amount may abide appear $6,300 in the abbreviate term. However, upsides are acceptable to be capped by the $6,315 level. It represents the 50% Fib retracement akin of the aftermost abatement from the $6,538 aerial to $6,093 low.
Looking at the chart, bitcoin amount is adverse solid resistances abreast the $6,315 and $6,365 levels. On the downside, the $6,110 abutment holds the key, beneath which the amount could abatement appear $6,000.
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 currently aloof about the 50 level.
Major Support Level – $6,110
Major Resistance Level – $6,315
