THELOGICALINDIAN - Key Points
Bitcoin amount bankrupt the $6,700 resistance, but it bootless to authority assets adjoin the US Dollar. BTC/USD is aback to $6,400 and it is currently beneath pressure.
There was a aloft sell-off acclaimed for Tether (USDT) pairs, which afire an upward move in bitcoin amount adjoin the US Dollar. The BTC/USD brace additionally acquired absorption and confused aloft the 6,600 and $6,700 attrition levels. Earlier, there was a appropriate abutment abject formed abreast the $6,150 level. The amount started an advancement move aloft the $6,300 akin and the 100 alternate simple affective average.
The upside move was able as the amount bankrupt an ascendance approach with attrition at $6,300. Moreover, there was a breach aloft a aloft bearish trend band with resistance at $6,310 on the alternate blueprint of the BTC/USD pair. The brace rallied appear the $6,800 akin and traded as low as $6,825. Sellers appeared and adequate added upsides aloft $6,825. Later, there was a aciculate changeabout and the amount akin best of its assets beneath $6,600. It alike bankrupt the $6,500 akin and it is currently testing $6,400. The 61.8% Fib retracement akin of the contempo run from the $6,152 low to $6,825 aerial is additionally acting as a support.
Looking at the chart, bitcoin amount faced best of its assets aloft $6,600. This seems like a apocryphal breach acquired by Tether unwinding. Going forward, there could be ambit moves aloft $6,300 afore the abutting leg.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloft the 50 level.
Major Support Level – $6,400
Major Resistance Level – $6,520
