THELOGICALINDIAN - Key Points
Bitcoin amount is accepting bullish drive aloft $6,300 adjoin the US Dollar. BTC/USD may conceivably analysis the abutting above barrier abreast $6,450 in the abreast term.
Bitcoin Price Analysis
Bitcoin amount acclimatized aloft the $6,200 abutment area to alpha an advancement beachcomber adjoin the US Dollar. The BTC/USD brace boring and steadily confused college and bankrupt a key attrition breadth abreast $6,300. The upside move was such that the amount confused into a bullish area aloft $6,200 and the 100 alternate simple affective average. It opened the doors for added assets and the amount traded aloft the 23.6% Fib retracement akin of the aftermost abatement from the $6,800 aerial to $6,081 low.
More importantly, there was a breach aloft two important bearish trend curve abreast $6,310 and $6,350 on the alternate blueprint of the BTC/USD pair. The brace is now trading aloft the $6,350 akin and it looks set for added gains. The abutting crucial resistance awaits abreast the $6,450 level. It additionally represents the 50% Fib retracement akin of the aftermost abatement from the $6,800 aerial to $6,081 low. Should, bitcoin buyers accomplish in allowance the $6,450 resistance, there could be a aciculate advancement move appear the $6,700 level.
Looking at the chart, there are abounding absolute signs arising aloft $6,300. If the contempo bullish breach is valid, the amount is acceptable to ascend added appear $6,450 and $6,550 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is assuming absolute signs in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is placed able-bodied aloft the 50 akin with an advancement angle.
Major Support Level – $6,240
Major Resistance Level – $6,450
