THELOGICALINDIAN - Key Points
Bitcoin amount bounced aback from the $6,400 abutment adjoin the US Dollar. BTC/USD buyers charge to accretion backbone aloft $6,600 for added upsides.
Yesterday, we saw a bearish break beneath the $6,600 abutment in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded beneath the $6,500 abutment and activated the $6,400 support. Later, the amount formed a abject abreast $6,400 and after started an advancement move. There was a breach aloft the $6,500 attrition and the amount rallied aloft the $6,540 level.
During the upside, the amount surpassed the 50% Fib retracement akin of the aftermost bead from the $6,640 beat aerial to $6,402 beat low. Moreover, there was a breach aloft a abutting bearish trend band at $6,505 on the alternate blueprint of the BTC/USD pair. The brace alike traded aloft the $6,560 akin and the 100 alternate simple affective average. However, it seems like the amount ran into a cogent attrition at $6,580-6,660. More importantly, yesterday’s accent key bearish trend band is acting as a hurdle abreast $6,580-6,600 on the alternate blueprint of the BTC/USD pair. A able abutting aloft the trend band and $6,600 is bare for buyers to booty control. The next resistances are at $6,640 and $6,700.
Looking at the chart, bitcoin amount bounced aback accurately from $6,400, but it ran into the key $6,600 resistance. If buyers abort to breach the declared resistance, there could be a beginning abatement appear $6,480 and $6,400.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is affective accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is able-bodied aloft the 60 level.
Major Support Level – $6,400
Major Resistance Level – $6,600
