THELOGICALINDIAN - Key Points
Bitcoin amount surged aloft $6,700 adjoin the US Dollar. BTC/USD is now placed in an uptrend with supports abreast $6,600 and $6,540 on the downside.
Bitcoin Price Analysis
Bitcoin amount acclimatized aloft a key barrier at $6,300 adjoin the US Dollar. It opened the doors for added gains and the BTC/USD brace surged aloft the $6,380 and $6,600 attrition levels. The upside move was such that the amount alike bankrupt the $6,700 resistance. A aerial was formed at $6,749 and the amount is currently acclimation lower. On the downside, there are abounding supports starting with the $6,650 level.
The 23.6% Fib retracement akin of the aftermost beachcomber from the $6,318 low to $6,749 aerial is positioned at $6,648 and is acceptable to authority declines. Should there be a breach beneath $6,648, the amount may conceivably barter appear the $6,600 support. More importantly, there is a new key bullish trend band basic with abutment at $6,480 on the alternate blueprint of the BTC/USD pair. The aforementioned trend band currently about the 50% Fib retracement akin of the aftermost beachcomber from the $6,318 low to $6,749 high. Therefore, any above dips from the accepted levels are acceptable to find bids abreast $6,600 and $6,540.
Looking at the chart, the amount acutely acclimatized aloft $6,600 and the 100 alternate simple affective average. On the upside, a breach aloft the $6,750 aerial could set the aisle for a move appear $7,000.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is acclimation lower from the overbought levels.
Major Support Level – $6,600
Major Resistance Level – $6,750
