THELOGICALINDIAN - Key Points
Bitcoin amount alone decidedly beneath $6,300 adjoin the US Dollar. BTC/USD is accelerating losses appear the abutting supports at $6,100 and $6,050.
Bitcoin Price Analysis
Bitcoin amount started a concise alteration afterwards trading adjoin the $6,280 akin adjoin the US Dollar. The BTC/USD brace confused a few credibility college and traded aloft the $6,300 and $6,350 levels. However, the upside move was capped by the 23.6% Fib retracement akin of the aftermost bead from the $6,720 aerial to $6,280 low. The amount bootless to move accomplished the $6,400 and beneath sharply.
The contempo abatement was such that the amount bankrupt the $6,280 low. Added importantly, there was a breach beneath a application triangle with abutment at $6,310 on the alternate blueprint of the BTC/USD pair. It opened the doors for added declines and the amount austere the $6,200 support. It is now trading able-bodied beneath the $6,500 axis akin and the 100 alternate simple affective average. A low was formed at $6,145 and the amount is currently consolidating. An antecedent attrition is abreast the $6,280 level, which was a abutment earlier. Moreover, the 50% Fib retracement akin of the aftermost accelerate from the $6,399 aerial to $6,145 low is additionally abreast $6,290 to act as a resistance.
Looking at the chart, bitcoin amount is beneath a lot of burden beneath $6,300. If it continues to move down, a breach beneath $6,180 could advance the amount appear $6,100 and $6,050.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is affective heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective lower appear the 20 level.
Major Support Level – $6,100
Major Resistance Level – $6,300
