THELOGICALINDIAN - Key Points
Bitcoin amount is beneath burden beneath $6,300 adjoin the US Dollar. BTC/USD is acceptable advancing for the abutting downside breach beneath $6,202.
Yesterday, we saw a major downside move beneath the $6,350 abutment in bitcoin amount adjoin the US Dollar. The BTC/USD brace beneath heavily and bankrupt the $6,240 abutment and the 100 alternate simple affective average. It traded as low as $6,202 and after started a abbreviate appellation correction. The amount confused aloft the 23.6% Fib retracement akin of the contempo bead from the $6,433 aerial to $6,202 low.
However, the amount struggled to move aloft the $6,300 resistance. More importantly, there was no analysis of the 50% Fib retracement akin of the contempo bead from the $6,433 aerial to $6,202 low. At the moment, there is a aloft bearish banderole basic with attrition at $6,310 on the alternate blueprint of the BTC/USD pair. If the brace fails to breach aloft the banderole abutment at $6,255, there could be a beginning abatement appear the $6,202 low. If sellers abide in action, the amount may alike breach the $6,202 low and barter appear the $6,150 level. On the cast side, a able breach aloft the banderole attrition could advance the amount appear the $6,350 attrition and the 100 alternate SMA.
Looking at the chart, bitcoin amount may abide to attempt to balance aloft the $6,300 and $6,350 levels. Therefore, there is a accident of added losses beneath the $6,240 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is still beneath the 50 level.
Major Support Level – $6,240
Major Resistance Level – $6,300
