THELOGICALINDIAN - Key Points
Bitcoin amount is boring affective lower adjoin the US Dollar. BTC/USD may abide to move bottomward and it could analysis the $6,080-6,000 abutment breadth in the abreast term.
Bitcoin Price Analysis
Yesterday, we discussed about a short-term break in bitcoin amount either aloft $6,380 or beneath $6.240 adjoin the US Dollar. The BTC/USD brace bootless to move college and faced abundant affairs absorption abreast the $6,380 and $6,400 levels. As a result, there was a downside acknowledgment and the amount beneath beneath $6,240. The amount traded beneath the $6,200 abutment and formed a new intraday low at $6,162.
More importantly, there was a abutting beneath the $6,300 akin and the 100 alternate simple affective average. Additionally, there was a breach beneath a abbreviate appellation triangle arrangement with abutment at $6,320 on the alternate blueprint of the BTC/USD pair. Later, the brace begin abutment abreast $6,160 and recovered aloft the 23.6% Fib retracement akin of the contempo bead from the $6,408 aerial to $6,162 low. However, upsides are capped by the 100 alternate SMA and $6,300. Besides, the amount is facing resistance abreast the 50% Fib retracement akin of the contempo bead from the $6,408 aerial to $6,162 low.
Looking at the chart, bitcoin is basic addition blemish arrangement with abutment at $6,180 and attrition abreast $6,360. As continued as the amount charcoal beneath the $6,360 and $6,380 attrition levels, there is a accident of added losses appear $6,080 and $6,000.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is mostly pointing ambit moves in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloof beneath the 50 level.
Major Support Level – $6,180
Major Resistance Level – $6,380
