THELOGICALINDIAN - Key Points
Bitcoin amount bootless to break aloft the $6,440 abutment adjoin the US Dollar. BTC/USD is currently accumulation aloft the $6,375 abutment with bearish moves.
Recently, bitcoin amount started a downside correction and traded beneath the $6,500 abutment adjoin the US Dollar. The BTC/USD brace beneath and bankrupt the $6,475 and $6,440 abutment levels. Moreover, there was a abutting beneath the $6,440 abutment and the 100 alternate simple affective average. The abatement was such that the amount surpassed the 76.4% Fib retracement akin of the aftermost leg from the $6,370 beat low to $6,553 high.
More importantly, yesterday’s accent key bullish trend band with abutment at $6,445 was breached on the alternate blueprint of the BTC/USD pair. The brace traded abutting to the $6,370 beat low and begin abutment abreast $6,375. It adapted a few credibility and activated the 23.6% Fib retracement akin of the contempo abatement from the $6,552 aerial to $6,382 low. At the moment, the amount is accumulation aloft the $6,375 support. If buyers reappear, the amount may analysis the previous abutment at $6,440 and the 100 alternate SMA. Aloft $6,440, the abutting attrition is $6,475 and the 50% Fib retracement akin of the contempo abatement from the $6,552 aerial to $6,382 low.
Looking at the chart, bitcoin amount may barter in a ambit aloft the $6,375 abutment for a brace of sessions afore the abutting move. The amount could either beat the $6,440 attrition or abatement appear $6,300 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is about to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloof beneath the 40 level.
Major Support Level – $6,375
Major Resistance Level – $6,440
