THELOGICALINDIAN - Key Points
Bitcoin amount bootless to move aloft $6,600 afresh and beneath adjoin the US Dollar. BTC/USD is recovering, but it may possibly abide to face sellers abreast $6,480.
Bitcoin Price Analysis
There was yet addition abortion abreast the $6,550 resistance in bitcoin amount adjoin the US Dollar. The BTC/USD brace topped at $6,549 and started a downside move. It bankrupt the $6,350 and $6,300 abutment levels. It traded abutting to the $6,200 area buyers appeared and dedicated added losses. A low was formed at $6,222 afore the amount started an advancement move. The amount recovered aloft $6,300 and the 38.2% Fib retracement akin of the aftermost abatement from the $6,549 aerial to $6,222 low.
On the upside, there is a key attrition formed abreast $6,424, which is abreast the 100 alternate simple affective average. There is additionally a aloft bearish trend band basic with attrition abreast $6,480 on the alternate blueprint of the BTC/USD pair. The 61.8% Fib retracement akin of the aftermost abatement from the $6,549 aerial to $6,222 low is additionally abreast the $6,420. Therefore, if the amount continues to move higher, it could acquisition attrition abreast the $6,480 and $6,550 levels. Only a abutting aloft $6,550 followed by a breach of $6,620 could burn bullish moves in the abreast term.
Looking at the chart, if bitcoin fails already afresh abreast the $6,550 resistance, it may able-bodied abatement aback to $6,300. Below this last, the amount is acceptable to appointment the $6,200 abutment area.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is about to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective college appear the 50 level.
Major Support Level – $6,220
Major Resistance Level – $6,550
