THELOGICALINDIAN - Key Points
Bitcoin amount akin best of its assets adjoin the US Dollar. BTC/USD could recover, but the burst abutment at $6,560 ability act as a resistance.
Yesterday, we discussed that bitcoin amount could ascend higher appear the $6,800 akin adjoin the US Dollar. However, the BTC/USD brace bootless to breach the $6,640 and $6,700 attrition levels. It resulted in a downside move beneath the $6,550 abutment and the 100 alternate simple affective average. The amount confused into a bearish area as it austere the important $6,500 abutment as well.
During the decline, yesterday’s accent key bullish trend band was breached with abutment at $6,560 on the alternate blueprint of the BTC/USD brace The brace alike bankrupt the aftermost beat low at $6,490. Finally, it activated the 1.236 Fib addendum akin of the aftermost beachcomber from the $6,491 low to $6,687 high. The amount formed an intraday low at $6,441 and it is currently acclimation higher. An antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $6,687 aerial to $6,441 low. If buyers advance the amount aloft the $6,500 level, the abutting stop could be the $6,560 level. The declared $6,560 akin forth with the 100 alternate SMA are acceptable to act as hurdles for buyers.
Looking at the chart, bitcoin amount bankrupt a few key supports and activated $6,440. It may animation back, but the antecedent supports abreast $6,550-6,560 are acceptable to anticipate an upside break.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 40 level.
Major Support Level – $6,440
Major Resistance Level – $6,560
