THELOGICALINDIAN - Key Points
Bitcoin amount is placed in a bearish area adjoin the US Dollar. BTC/USD could recover, but upsides are acceptable to be capped about the $6,340 level.
During the accomplished three sessions, there were bearish moves beneath $6,350 in bitcoin amount adjoin the US Dollar. The BTC/USD brace beneath afresh and bankrupt the $6,300 and $6,275 abutment levels. There was alike a acicular beneath the $6,250 abutment and the amount formed a new account low at $6,239. The amount recovered a few credibility aloft $6,275, but it is still able-bodied beneath the 100 alternate simple affective average.
An antecedent barrier for buyers is abreast the 50% Fib retracement akin of the contempo bead from the $6,375 aerial to $6,239 low. More importantly, there are two bearish trend curve formed with attrition at $6,300 and $6,340 on the alternate blueprint of the BTC/USD pair. Below the additional trend line, the 100 alternate SMA is positioned at $6,325. Besides, the 61.8% Fib retracement akin of the contempo bead from the $6,375 aerial to $6,239 low is abreast $6,323. Therefore, if the amount corrects college from the accepted levels, it is acceptable to acquisition a strong affairs interest abreast $6,320 and $6,340.
Looking at the chart, bitcoin amount is acutely in a bearish area beneath the $6,350 axis level. On the downside, an antecedent abutment is abreast $6,240, beneath which the amount could accelerate appear the $6,200 support.
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 abreast the 50 level.
Major Support Level – $6,340
Major Resistance Level – $6,240
