THELOGICALINDIAN - Key Points
Bitcoin amount is affective lower appear the aftermost low adjoin the US Dollar. BTC/USD could advance declines beneath if there is a breach beneath the $5,200 support.
The accomplished few hours were pretty bearish because bitcoin amount was alone abreast $5,600 adjoin the US Dollar. The BTC/USD brace started a beginning abatement and traded beneath the $5,550 and $5,500 abutment levels. There was alike a breach beneath the $5,400 abutment and the 100 alternate simple affective average. It opened the doors for added losses appear the $5,230 and $5,200 levels.
During the slide, there was a breach beneath a key bullish trend band with abutment at $5,530 on the alternate blueprint of the BTC/USD pair. Later, the amount traded beneath the $5,350 abutment and the 1.236 Fib addendum akin of the contempo beachcomber from the $5,414 low to $5,700 beat high. The accepted amount activity is super bearish and it seems like the amount could alike breach the $5,206 low. An actual abutment is $5,230 and the 1.618 Fib addendum akin of the contempo beachcomber from the $5,414 low to $5,700 beat high. If there are added losses, the amount could alike barter beneath the $5,200 support.
Looking at the chart, bitcoin amount is at a accident of a downside breach beneath the $5,200 and $5,150 levels. There are alike affairs of a analysis of the $5,000 handle in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is able-bodied beneath the 30 level.
Major Support Level – $5,200
Major Resistance Level – $5,500
