THELOGICALINDIAN - Key Points
Bitcoin amount is currently acclimation lower adjoin the US Dollar. BTC/USD should break aloft the $6,400 abutment to resume its advancement move appear $6,800.
Bitcoin Price Analysis
Yesterday, bitcoin amount traded appear the $6,700 level adjoin the US Dollar. The BTC/USD brace traded as aerial as $6,680 afore sellers took a stand. As a result, a downside alteration was accomplished and the amount beneath beneath the $6,600 level. During the decline, the amount bankrupt the $6,550 and $6,500 abutment levels. Moreover, it austere the 50% Fib retracement akin of the aftermost beachcomber from the $6,260 beat low to $6,680 high.
However, the downside move was adequate by the $6,400 support, which was a attrition earlier. More importantly, the 100 alternate simple affective (currently at $6,440) additionally acted as a support. The amount activated the 61.8% Fib retracement akin of the aftermost beachcomber from the $6,260 beat low to $6,680 high. At the moment, the amount is accumulation losses aloft the $6,400 support. It seems like there is a new application triangle basic with abutment abreast $6,410 on the alternate blueprint of the BTC/USD pair. A bearish breach beneath the $6,400 abutment and the 100 alternate SMA could be a bearish assurance in the abbreviate term.
Looking at the chart, the amount is acceptable to authority the $6,400 support. However, it has to breach the triangle attrition at $6,600 to accretion traction. If bitcoin buyers abort to accretion momentum, there is a accident of a breach beneath $6,400.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now able-bodied beneath the 40 level.
Major Support Level – $6,400
Major Resistance Level – $6,600
