THELOGICALINDIAN - Key Points
Bitcoin amount continued declines appear the $6,275 akin adjoin the US Dollar. BTC/USD may conceivably actual higher, but it won’t be accessible for a advance aloft $6,580.
There was a aciculate downside reaction beneath the $6,600 axis akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace beneath added beneath the $6,450 and $6,400 levels to move into a bearish zone. The contempo low was formed at $6,318 afore the amount started accumulation losses. It activated the 23.6% Fib retracement akin of the aftermost abatement from the $6,660 aerial to $6,318 low.
However, assets were bound by the $6,450 level. Moreover, the 50% Fib retracement akin of the aftermost abatement from the $6,660 aerial to $6,318 low is additionally abreast the $6,489 akin to act as a resistance. More importantly, there are two bearish trend curve in abode with attrition at $6,520 and $6,580 on the alternate blueprint of the BTC/USD pair. Therefore, if the amount continues to move higher, it is acceptable to face sellers abreast the $6,450 and $6,480 levels. Above the trend curve and the $6,500 barrier, the amount could analysis the $6,620 axis level. On the downside, the $6,400 akin is an antecedent support.
Looking at the chart, bitcoin amount is boring convalescent from the $6,318 low. However, upsides are acceptable to face a lot of sellers abreast the $6,450 and $6,480 levels in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloft the 50 level.
Major Support Level – $6,350
Major Resistance Level – $6,480
