THELOGICALINDIAN - Key Points
Bitcoin amount remained in a ambit aloft $6,000 adjoin the US Dollar. BTC/USD needs to bright the $6,200-6,300 hurdle for an continued accretion in the abreast term.
Bitcoin Price Analysis
During the accomplished three sessions, there was no aloft move aloft $6,220 in bitcoin amount adjoin the US Dollar. The BTC/USD brace remained bedfast in a ambit beneath the $6,300 resistance. The best allotment was the actuality that buyers managed to authority the $6,000 support. It is currently flirting with the 100 alternate simple affective boilerplate and $6,100. Recently, it biconcave a few credibility and activated the $6,000 support.
There was a analysis of the 50% Fib retracement akin of the aftermost leg from the $5,660 beat low to $6,340 beat high. However, buyers appeared and adequate a downside breach beneath $6,000. There is a crumbling approach basic with attrition abreast $6,180 on the alternate blueprint of the BTC/USD pair. As continued as the amount is aloft the $6,000 support, there are affairs of an upside move. A breach beneath $6,000 may put a lot of pressure on buyers and the amount could bead aback to $5,660. On the cast side, an upside breach aloft $6,180 will best acceptable alarm for a analysis of the $6,300 resistance.
Looking at the chart, the amount is mostly trading in a ambit aloft the $6,000. There are a few absolute signs, but an upside breach aloft $6,200-6,300 won’t be accessible in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is mostly collapsed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective about the 50 level.
Major Support Level – $6,000
Major Resistance Level – $6,180
