THELOGICALINDIAN - Key Points
Bitcoin amount beneath afterwards it bootless to breach the $6,850 akin adjoin the US Dollar. BTC/USD is currently trading abreast a above abutment breadth at $6,560/50.
Bitcoin Price Analysis
Yesterday, we saw a nice advancement move aloft the $6,700 attrition in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike traded aloft the $7,800 attrition and acclimatized aloft the 100 alternate simple affective average. However, the amount bootless to breach the $7,850 level, consistent in a bearish reaction. The amount started a downside alteration and beneath beneath the $6,700 abutment area.
There was a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $6,359 low to $6,849 high. Later, BTC buyers appeared aloft the $6,600 akin and adequate added losses. Added importantly, a above bullish trend band with abutment abreast $6,560 on the alternate blueprint of the BTC/USD brace chock-full declines. Lastly, the 61.8% Fib retracement akin of the aftermost beachcomber from the $6,359 low to $6,849 aerial additionally acted as a support forth with the 100 alternate SMA. Therefore, the $6,660/50 abutment area holds a lot if accent to the abutting move in the abreast term.
Looking at the chart, if the amount succeeds in blockage aloft the $6,650 support, it could animation back. On the upside, resistances are apparent abreast the $6,700 and $6,800 levels, followed by the $6,850 beat high.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD has confused aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now able-bodied beneath the 50 akin with actual few absolute signs.
Major Support Level – $6,650
Major Resistance Level – $6,800
