THELOGICALINDIAN - Key Points
Bitcoin amount is accepting upside drive adjoin the US Dollar. BTC/USD could dip a few credibility afore it climbs aloft the $6,380 and $6,400 levels.
Yesterday, we saw a decent upside move from the $6,220 beat low in bitcoin amount adjoin the US Dollar. The BTC/USD brace confused college and traded aloft the $6,300 and $6,325 resistances. Later, there was a accessory downside alteration and the amount activated the $6,290 support, which was a attrition earlier. The amount bounced aback afresh and traded aloft $6,335 and the 100 alternate simple affective average.
The upside move was able as the amount traded abutting to the $6,380 level. Moreover, there was a breach aloft a key bearish trend band with attrition at $6,345 on the alternate blueprint of the BTC/USD pair. The brace traded as low as $6,379 and it is currently correcting lower. Sellers pushed the amount beneath the 23.6% Fib retracement akin of the contempo beachcomber from the $6,291 low to $6,379 high. At the moment, the burst trend band is acting as a abutment abreast $6,345-50. Beneath this, the amount could analysis the 50% Fib retracement akin of the contempo beachcomber from the $6,291 low to $6,379 aerial at $6,335.
Looking at the chart, bitcoin amount is pointing absolute signs aloft the $6,325 and $6,335 levels. If there is an upside breach aloft $6,380, the amount will best acceptable beat $6,400 for added gains.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is placed aloft the 50 level.
Major Support Level – $6,335
Major Resistance Level – $6,380
