THELOGICALINDIAN - Key Points
Bitcoin amount beneath beneath the $6,700 abutment with abrogating signs adjoin the US Dollar. BTC/USD could abide to move bottomward and it may alike retest the $6,550 level.
Bitcoin Price Analysis
There was addition attack to move accomplished the $6,820 resistance by bitcoin amount adjoin the US Dollar. The BTC/USD brace was alone from the $6,800 akin and started a downside move. It beneath and bankrupt a few key supports, including $6,700. Moreover, there was a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $6,511 low to $6,811 high.
More significantly, yesterday’s discussed important application triangle was burst with abutment at $6,720 on the alternate blueprint of the BTC/USD pair. The abatement was such that the amount acclimatized beneath the $6,700 abutment and the 100 alternate simple affective average. At the moment, the amount is trading abreast the 61.8% Fib retracement akin of the aftermost beachcomber from the $6,511 low to $6,811 high. It may abide to move bottomward if sellers accomplish in blame the amount beneath the $6,600 support. The abutting key abutment on the downside sits about the $6,550 level.
Looking at the chart, the amount has acceptable confused into a bearish area beneath the $6,700 level. To admit a beginning upside move, bitcoin buyers charge advance the amount aback aloft $6,700 and the 100 alternate SMA. If not, it could abatement aback appear the $6,550 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now abreast the oversold region.
Major Support Level – $6,550
Major Resistance Level – $6,700
