THELOGICALINDIAN - Key Points
Bitcoin amount is signaling added assets aloft $6,550 adjoin the US Dollar. BTC/USD could advance already buyers accretion drive aloft $6,550-6,600.
Bitcoin Price Analysis
Yesterday, we saw a downside correction beneath the $6,300 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace activated the $6,200 abutment area buyers emerged. The amount formed a abject abreast $6,200 and the 100 alternate simple affective average. Later, there was a beginning advancement move and the amount traded aloft $6,300 and $6,400. Moreover, there was a breach aloft the 50% Fib retracement akin of the aftermost accelerate from the $6,650 aerial to $6,213 low.
More importantly, there was a breach aloft a key application triangle with attrition at $6,375 on the alternate blueprint of the BTC/USD pair. The brace is currently trading abreast the 61.8% Fib retracement akin of the aftermost advance from the $6,650 aerial to $6,213 low. Once it clears the $6,547 and $6,550 attrition levels, it could advance added higher. The abutting attrition could be about the aftermost aerial at $6,650. Aloft this, the amount will best acceptable analysis the 1.236 Fib addendum akin of the aftermost advance from the $6,650 aerial to $6,213 low at $6,753.
Looking at the chart, bitcoin is placed accurately aloft the $6,300 level. It seems like buyers are acceptable to booty ascendancy aloft $6,500 in the abreast term. The important supports on the downside are $6,375, $6,300 and $6,200.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective college and is currently aloft the 55 level.
Major Support Level – $6,300
Major Resistance Level – $6,550
