THELOGICALINDIAN - Key Points
Bitcoin amount is affective added into the bearish area beneath $7,400 adjoin the US Dollar. BTC/USD charge abide aloft $7,000 to abstain a aciculate decline.
Bitcoin Price Analysis
There were a couple of rejections acclaimed about $7,500 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace started a downside move and beneath beneath the $7,400 and $7,300 abutment levels. It alike acclimatized beneath the $7,400 axis and the 76.4% Fib retracement akin of the aftermost beachcomber from the $7,260 low to $7,648 high. It opened the doors for added losses and the amount beneath beneath the $7,260 low.
The accepted amount activity suggests a downside breach beneath $7,260 with a bearish angle. At the moment, the amount is testing the 1.236 Fib addendum akin of the aftermost beachcomber from the $7,260 low to $7,648 high. If the amount break the $7,150 level, there could be added losses appear the $7,000 level. The 1.618 Fib addendum akin of the aftermost beachcomber from the $7,260 low to $7,648 aerial is at $7,020 to act as a support. Further beneath this, the amount could abatement appear $6,800. On the upside, there are two bearish trend lines formed with resistances at $7,400 and $7,510 on the alternate blueprint of the BTC/USD pair.
Looking at the chart, the amount may attempt to breach the $7,300 and $7,400 attrition levels. Only a abutting aloft $7,500 could bright the aisle for a bullish trend in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now able-bodied beneath the 40 level.
Major Support Level – $7,020
Major Resistance Level – $7,400
