THELOGICALINDIAN - Key Points
Bitcoin amount is trading in a bearish area beneath $6,400 adjoin the US Dollar. BTC/USD could abatement added appear the $6,250 or $6,220 akin in the abreast term.
After trading as aerial as $6,553, bitcoin amount started a above downside correction adjoin the US Dollar. The BTC/USD brace traded beneath the $6,440 and $6,400 abutment levels to move into a bearish zone. The amount alike acclimatized beneath the $6,400 abutment and the 100 alternate simple affective average. Sellers managed to advance the amount appear the $6,250 abutment afore buyers appeared abreast $6,260.
A low was formed at $6,275 and after the amount adapted higher. It confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $6,553 aerial to $6,257 low. Moreover, there was a breach aloft a abutting bearish trend band with attrition at $6,360 on the alternate blueprint of the BTC/USD pair. However, the upside move was capped by the $6,380 akin and the 100 alternate SMA. It seems like the amount may abatement already afresh if there is a breach beneath $6,340 and $6,320. In the mentioned scenario, the amount could alike barter beneath the $6,275 low and anatomy a new account low.
Looking at the chart, bitcoin amount needs to move accomplished $6,380 and $6,400 to balance further. The abutting attrition is abreast $6,440 and the 61.8% Fib retracement akin of the aftermost bead from the $6,553 aerial to $6,257 low.
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 aloof confused beneath the 50 level.
Major Support Level – $6,375
Major Resistance Level – $6,400
