THELOGICALINDIAN - Key Points
Bitcoin amount is beneath a able affairs burden beneath $7,300 adjoin the US Dollar. Let’s see if BTC/USD can authority the $7,000 abutment akin or not.
Bitcoin Price Analysis
There was no aloft upside recovery aloft $7,350 in bitcoin amount adjoin the US Dollar. The BTC/USD brace adapted college a few credibility yesterday, but buyers bootless to advance the amount aloft the $7,350 and $7,400 attrition levels. As a result, there was a downside acknowledgment and the amount bankrupt the aftermost beat low of $7,150. It traded abutting to the $7,000 akin and a low was formed at $7,048.
At the moment, the amount is accumulation losses aloft the $7,000 and it charcoal at a risk of added losses. An antecedent hurdle for buyers is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $7,445 aerial to $7,048 low. However, the best cogent attrition is abutting to $7,250, which was a abutment earlier. The declared $7,250 akin is additionally about the 50% Fib retracement akin of the aftermost abatement from the $7,445 aerial to $7,048 low. Aloft $7,250, there is a acute bearish trend band in abode with attrition at $7,300 on the alternate blueprint of the BTC/USD pair.
Looking at the chart, the amount is acutely disturbing to move college aloft $7,250 and $7,300. If buyers abide to struggle, bitcoin could bead acutely and it ability breach the $7,000 abutment in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is still in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently affective lower appear the 30 level.
Major Support Level – $7,000
Major Resistance Level – $7,250
