THELOGICALINDIAN - Key Points
Bitcoin amount rebounded added than $300 from lows adjoin the US Dollar. However, BTC/USD is adverse abounding resistances abreast $6,450 and $6,550.
Bitcoin Price Analysis
Recently, we saw a downside push in bitcoin amount beneath the $6,000 abutment adjoin the US Dollar. The BTC/USD brace traded to a new account low at $5,894 and after it started an advancement correction. Tt recovered accurately and confused aloft the $6,200 attrition zone. The amount alike bankrupt the 50% Fib retracement akin of the aftermost key downside move from the $6,550 beat aerial to $5,900 beat low.
It opened the doors for added assets and the amount acclimatized aloft the $6,200 akin additional the 100 alternate simple affective average. It is currently accumulation assets abreast the $6,300 level. On the upside, an antecedent hurdle for added assets is abreast $6,390. The declared akin is abutting to the 76.4% Fib retracement akin of the aftermost key downside move from the $6,550 beat aerial to $5,900 beat low. Aloft $6,390, the amount could barter appear the next important resistance about $6.500-6,550. Finally, a advance aloft $6,550 is bare for a absolute and abundant accretion in bitcoin.
Looking at the chart, BTC is assuming a few absolute signs aloft $6,200 and the 100 alternate SMA. However, as continued as the amount is beneath $6,550, it could bead already again. On the downside, supports are at $6,200 and $6,180.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed accurately the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is placed able-bodied aloft the 60 level.
Major Support Level – $6,200
Major Resistance Level – $6,550
