THELOGICALINDIAN - Key Points
Bitcoin amount is disturbing to bright the $6,500 barrier adjoin the US Dollar. BTC/USD could extend slides if it fails to move aloft $6,380 and $6,500.
Bitcoin Price Analysis
This accomplished week, we saw a major downside move beneath $6,500 in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded as low as $6,070 and after started an advancement move. It adapted aloft the $6,200 and $6,300 attrition levels. However, the upside move was capped by the $6,440 akin and the 100 alternate simple affective average. Moreover, the amount bootless to achieve aloft the 23.6% Fib retracement akin of the aftermost cogent bead from the $7,391 aerial to $6,070 low.
The amount confused down, but the $6,200 akin prevented declines. It seems like there is a concise blemish arrangement in abode with attrition at $6,380 on the alternate blueprint of the BTC/USD pair. The brace has to move aloft the triangle attrition at $6,380 and the 100 alternate SMA to recover. The abutting above attrition is $6,500, which acted as a resistance on abounding occasions. If buyers accomplish in allowance the $6,500 resistance, the abutting stop could be $6,730. It represents the 50% Fib retracement akin of the aftermost cogent bead from the $7,391 aerial to $6,070 low.
Looking at the chart, bitcoin could anon accomplish the abutting move either aloft $6,380 or beneath $6,200. If there is a downside break, the amount ability alike breach the $6,070 low and analysis $6,000.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloft the 45 level.
Major Support Level – $6,200
Major Resistance Level – $6,500
