THELOGICALINDIAN - Key Points
Bitcoin amount is beneath burden beneath $6,200 adjoin the US Dollar. BTC/USD charge break aloft the $6,000 abutment to abstain added losses in the abreast term.
Bitcoin Price Analysis
Yesterday, we saw a major bounce abreast the $6,300 resistance in bitcoin amount adjoin the US Dollar. The BTC/USD brace boring and steadily beneath and confused beneath the $6,200 abutment area. There was a abortion acclaimed about the 61.8% Fib retracement akin of the aftermost bead from the $6,750 beat aerial to $5,650 low. At the moment, the amount is trading in a bearish area beneath the $6,200 akin and the 100 alternate simple affective average.
During the contempo slide, there was a breach beneath the 38.2% Fib retracement akin of the aftermost beachcomber from the $5,658 low to $6,339 high. However, bitcoin buyers were able to authority declines beneath the $6,050 and $6,000 levels. The mentioned $6,000 abutment is actual important for the accepted decline. It coincides with the 50% Fib retracement akin of the aftermost beachcomber from the $5,658 low to $6,339 high. Therefore, a downside breach beneath $6,000 could be significant for added losses. On the upside, yesterday’s accent important bearish trend band with attrition at $6,200 is complete on the alternate blueprint of the BTC/USD pair.
Looking at the chart, the amount charge breach the trend line, 100 SMA, and the $6,200 attrition to abstain a downside breach beneath $6,000. The abutting abutment is about the $5,850 level.
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 40 level.
Major Support Level – $6,000
Major Resistance Level – $6,200
