THELOGICALINDIAN - Key Points
Bitcoin amount is trading lower aural ambit beneath $6,410 adjoin the US Dollar. BTC/USD could revisit the $6,370 or $6,350 abutment levels if sellers accretion control.
Recently, there was a accessory upside correction aloft the $6,400 attrition in bitcoin amount adjoin the US Dollar. However, the BTC/USD brace bootless to achieve aloft the $6,400-6,410 attrition area. Later, there was a beginning abatement beneath the $6,400 akin and the 100 alternate simple affective average. The amount bankrupt the 50% Fib retracement akin of the contempo beachcomber from the $6,356 low to $6,418 high.
However, the amount begin abutment abreast the $6,380 level. Moreover, the 61.8% Fib retracement akin of the contempo beachcomber from the $6,356 low to $6,418 aerial additionally acted as a support. Besides, there is a bullish trend band formed with abutment at $6,380 on the alternate blueprint of the BTC/USD pair. If there is a downside break beneath the trend line, the amount could abatement aback appear the $6,350-55 zone. On the upside, an antecedent attrition is abreast $6,400. There is additionally a key bearish trend band in abode with attrition at $6,405 on the aforementioned chart.
Looking at the chart, bitcoin amount is disturbing to accretion drive aloft $6,400 and $6,410. As continued as there is no abutting aloft $6,410 and the 100 alternate SMA, the amount could abatement aback appear the $6,355 level. On the upside, a breach aloft $6,410 could advance the amount appear $6,460.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloof aloft the 40 level.
Major Support Level – $6,355
Major Resistance Level – $6,410
