THELOGICALINDIAN - Key Points
Bitcoin amount is convalescent from the $6,600 abutment breadth adjoin the US Dollar. BTC/USD ability actual added in the abreast term, but it could face hurdles about $7,200.
Bitcoin Price Analysis
Yesterday, we saw a major downside move in bitcoin amount beneath the $7,000 handle adjoin the US Dollar. The BTC/USD brace beneath appear the $6,600 akin and formed a low at $6,628. Later, an upside accretion was accomplished and the amount adapted aloft the $6,700 level. It additionally traded a few credibility aloft the 23.6% Fib retracement akin of the aftermost abatement from the $7,600 beat aerial to $6,628 low.
Moreover, yesterday’s accent important bearish trend band was breached with attrition at $6,700 on the alternate blueprint of the BTC/USD pair. In the abbreviate term, there could be added assets appear the $7,200 level. However, there are abounding resistances for buyers about the $7,000 and $7,200 levels. The 50% Fib retracement akin of the aftermost abatement from the $7,600 beat aerial to $6,628 low is additionally positioned abreast $7,170 to anticipate assets in the abreast term. Should there be an upside breach aloft $7,100, the next hurdle could be about the 100 alternate simple affective average.
Looking at the chart, the amount is acclimation higher, but it could face a lot of hurdles about the $7,200 level. On the downside, supports are apparent at $6,700 and $6,600.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is currently affective in the bullish area with a absolute direction.
Hourly RSI (Relative Backbone Index) – The RSI managed to move aloft the 50 akin with bound strength.
Major Support Level – $6,600
Major Resistance Level – $7,200
