THELOGICALINDIAN - Key Points
Bitcoin amount alone heavily appear $6,100 adjoin the US Dollar. BTC/USD may actual higher, but buyers are acceptable to attempt abreast $6,280 and $6,320.
Yesterday, we discussed that the previous supports abreast $6,550-6,560 are acceptable to anticipate an upsides in bitcoin amount adjoin the US Dollar. The BTC/USD brace bootless to accretion aloft $6,550 and started a beginning downside move. It bankrupt the $6,520 abutment to access into a bearish zone. Sellers took control, consistent in a aciculate abatement in the amount beneath the $6,400 and $6,240 abutment levels. The amount acclimatized beneath $6,400 and the 100 alternate simple affective average.
To alpha the decline, there was a breach beneath a concise bearish banderole with abutment at $6,520 on the alternate blueprint of the BTC/USD pair. The brace alike austere the $6,240 abutment and activated the abutting important abutment at $6,100. A new account low was formed at $6,092 afore the amount started an upside correction. It confused aloft the 23.6% Fib retracement akin of the contempo abatement from the $6,552 aerial to $6,092 low. However, the upside move seems to be capped about $6,240 and $6,280. The 50% Fib retracement akin of the contempo abatement from the $6,552 aerial to $6,092 low is additionally abreast $6,322.
Looking at the chart, bitcoin amount charcoal in a bearish area beneath $6,400. As continued as the amount is beneath $6,320 and $6,400, there could be added losses beneath the $6,100 abutment in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring abbreviation its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI is currently convalescent from the oversold levels.
Major Support Level – $6,100
Major Resistance Level – $6,320
