THELOGICALINDIAN - Key Points
Bitcoin amount is disturbing to authority assets adjoin the US Dollar. BTC/USD may conceivably abide to face hurdles abreast $6,360 and $6,420.
Bitcoin Price Analysis
Bitcoin amount bootless to break aloft the $6,280 low adjoin the US Dollar. The BTC/USD brace beneath added and bankrupt the $6,120 abutment level. It traded as low as $6,076 afore starting an upside correction. There was a appropriate improvement back the amount confused aloft the $6,220 level. It additionally bankrupt the 38.2% Fib retracement akin of the aftermost bead from the $6,400 aerial to $6,076 low.
However, the upside move was capped by the $6,360 resistance. Added importantly, there is a aloft bearish trend band in abode with attrition at $6,360 on the alternate blueprint of the BTC/USD pair. The brace additionally bootless to achieve aloft the 61.8% Fib retracement akin of the aftermost bead from the $6,400 aerial to $6,076 low. It is currently trading abreast the $6,250 akin and is accumulation aloft $6,200. It seems like the amount may conceivably accomplish addition attack to breach the $6,360 resistance. If it succeeds, there could be added assets aloft the $6,420 attrition in the abreast term.
Looking at the chart, bitcoin amount is adverse a boxy assignment to breach the $6,350-60 attrition zone. If it fails to move aloft this, there are aerial affairs of a beginning downside move aback appear the $6,100 akin in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is placed accurately aloft the 50 akin with a absolute angle.
Major Support Level – $6,100
Major Resistance Level – $6,360
