THELOGICALINDIAN - Key Points
Bitcoin amount struggled to bright the $6,600 attrition adjoin the US Dollar. BTC/USD could acknowledge to the downside if there is a connected abortion abreast $6,600.
During the accomplished two analysis, we discussed the importance of the $6,600 resistance for bitcoin amount adjoin the US Dollar. The BTC/USD brace bootless on abounding occasions to bright the $6,580 and $6,600 attrition zone. Moreover, there was additionally no abutting aloft the 100 alternate simple affective boilerplate and the $6,585 level. These are abrogating signs pointing appear a concise weakness beneath the $6,550 level.
More importantly, this week’s followed important bearish trend band is still alive with attrition at $6,585 on the alternate blueprint of the BTC/USD pair. The amount afresh beneath beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $6,399 low to $6,597 high. However, downsides were bound by the $6,500 abutment area. Additionally, the 50% Fib retracement akin of the aftermost beachcomber from the $6,399 low to $6,597 aerial is additionally acting as a support. Beneath the $6,500 abutment level, there could be a bearish beachcomber appear the $6,400 axis level.
Looking at the chart, bitcoin amount is acutely adverse a solid barrier abreast the $6,600 level. A able abutting aloft $6,585 and $6,600 is bare for buyers to accretion upside momentum. The abutting acute hurdle for them is abreast the $6,680 and $6,720 levels.
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 aloof aloft the aloof 50 level.
Major Support Level – $6,500
Major Resistance Level – $6,600
