THELOGICALINDIAN - Key Points
Bitcoin amount angry bearish beneath $6,830 adjoin the US Dollar. BTC/USD could actual higher, but it is acceptable to face abundant affairs absorption abreast $6,700 and $6,770.
Bitcoin Price Analysis
Yesterday, we discussed that there could be a recovery aloft $7,050 in bitcoin amount adjoin the US Dollar. The BTC/USD brace did move aloft $7,050, but as discussed upsides were capped. The amount bootless to breach the $7,070 and $7,150 attrition levels. More importantly, there was a bounce arrangement formed abreast the $7,150 akin and the 100 alternate simple affective average.
Lastly, a acute bearish trend band with accepted attrition at $7,000 acted as a hurdle on the alternate blueprint of the BTC/USD pair. As a result, there was a aciculate downside move and the amount bankrupt the $6,880 and $6,830 abutment levels. It confused into a bearish area and alike bankrupt the $6,600 and $6,500 abutment levels. A low was formed abreast $6,393 and the amount is currently accumulation losses. An antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost bead from the $7,157 aerial to $6,393 low. However, the most important resistance is abreast $6,700 and $6,770. It represents the 50% Fib retracement akin of the aftermost bead from the $7,157 aerial to $6,393 low.
Looking at the chart, BTC amount is acutely in a bearish area beneath $6,830. Any recoveries from the accepted levels are acceptable to face sellers abreast $6,700 and $6,770.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring abbreviation its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI is positioned in the oversold zone.
Major Support Level – $6,200
Major Resistance Level – $6,770
