THELOGICALINDIAN - Key Points
Bitcoin amount is still disturbing to accretion clip aloft $6,600 adjoin the US Dollar. BTC/USD is acceptable to authority the $6,325 and $6,230 abutment levels in the abreast term.
Bitcoin Price Analysis
This accomplished week, there was a decent bounce from the $6,130 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded aloft the $6,500 and $6,600 attrition levels. However, sellers auspiciously dedicated the $6,700-30 zone. As a result, there was a downside acknowledgment and the amount beneath beneath the $6,660 axis level. There was additionally a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $6,122 low to $6,731 high.
The amount alike acclimatized beneath the $6,500 akin and the 100 alternate simple affective average. However, the amount was able to authority the 61.8% Fib retracement akin of the aftermost beachcomber from the $6,122 low to $6,731 high. There are abounding important abutment levels on the downside such as $6,325 and $6,230. As continued as the amount is aloft $6,230, it could accomplish an attack to move higher. On the upside, there is a cogent bearish trend band formed with attrition at $6,500 on the alternate blueprint of the BTC/USD pair.
Looking at the chart, the amount has to move accomplished the trend band resistance, $6,500, and the 100 alternate SMA to accretion upside momentum. A abutting aloft $6,500 may bright the aisle for a advance appear $6,700.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is about to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective college appear the 50 level.
Major Support Level – $6,230
Major Resistance Level – $6,500
