THELOGICALINDIAN - Key Points
Bitcoin amount jumped aloft the $6,500 barrier adjoin the US Dollar. BTC/USD may abide to accretion upside drive aloft the $6,800 akin in the abreast term.
Bitcoin Price Analysis
There was a solid abutment formed aloft the $6,300 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace started a key upside move and acclimatized aloft the $6,500 attrition zone. There was alike a abutting aloft the $6,500 akin and the 100 alternate simple affective average. It opened the gates for added assets and the amount confused into a absolute area aloft the $6,600 level.
During the upside move, there was a breach aloft yesterday’s accent acute bearish trend band with attrition at $6,480 on the alternate blueprint of the BTC/USD pair. The brace alike acicular aloft the $6,800 akin and a aerial was formed at $6,808. At the moment, the amount is acclimation lower from $6,800 beat high. It is testing the 23.6% Fib retracement akin of the aftermost leg from the $6,328 low to $6,808 high. There may be a downside advance beneath $6,680, but there are many supports on the way down. The best important abutment is the 50% Fib retracement akin of the aftermost leg from the $6,328 low to $6,808 aerial at $6,568.
Looking at the chart, the amount is trading aloft $6,600 with a bullish formation. If there is a downside correction, it can be advised as a affairs befalling as continued as BTC is aloft $6,500.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective lower appear the 60 level.
Major Support Level – $6,568
Major Resistance Level – $6,800
