THELOGICALINDIAN - Key Points
Bitcoin amount formed a abject aloft $6,100 adjoin the US Dollar. BTC/USD is recovering, and it could barter higher, but upsides are acceptable to be capped by $6,600, $6,800 and 100 SMA.
Bitcoin Price Analysis
There were further declines beneath the $6,200 abutment in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded as low as $6,131 afore basic a abject for an upside move. The amount started an advancement alteration and traded aloft the $6,300 level. There was a breach aloft the 23.6% Fib retracement akin of the aftermost abatement from the $6,900 aerial to $6,131 low.
At the moment, the amount is trading with a absolute bent aloft $6,300. However, there are abounding hurdles on the upside abreast the $6,500, $6,600 and $6,800 levels. More importantly, the BTC/USD brace is currently attempting to breach a key bearish trend band with attrition at $6,450 on the alternate chart. Furthermore, the 50% Fib retracement akin of the aftermost abatement from the $6,900 aerial to $6,131 low could additionally act as a resistance for bitcoin buyers. Finally, aloft $6,600, the best important hurdle is abreast $6,700 and the 100 alternate simple affective average.
Looking at the chart, the amount may actual college aloft the $6,600 akin in the abreast term. However, the amount may conceivably face a abundant affairs absorption beneath $6,800 and the 100 SMA. On the downside, supports are at $6,300 and $6,150.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD has confused aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI additionally managed to move aloft the 50 level.
Major Support Level – $6,300
Major Resistance Level – $6,800
