THELOGICALINDIAN - Key Points
Bitcoin amount biconcave a few credibility to analysis the $6,920 abutment adjoin the US Dollar. BTC/USD charcoal in uptrend as continued as it is aloft $6,775.
Bitcoin Price Analysis
Yesterday, we saw a sharp bullish wave aloft the $7,000 attrition in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded as aerial as $7,131 and after started a downside correction. It beneath beneath the $7,025 abutment and started trading in a range. There was a breach beneath the 23.6% Fib retracement akin of the aftermost acceleration from the $6,709 low to $7,131 high.
There was alike a fasten beneath the $7,000 and $6,950 levels. However, the 50% Fib retracement akin of the aftermost acceleration from the $6,709 low to $7,131 aerial acted as a able support. There was no abutting beneath the $6,920 abutment and the 50% Fib level. More importantly, yesterday’s discussed cogent bullish trend band is complete with abutment at $6,920 on the alternate blueprint of the BTC/USD pair. Beneath the trend line, the 100 alternate simple affective boilerplate is positioned abreast the $6,870 level. However, the capital abutment for the current trend is $6,775, which was a attrition earlier.
Looking at the chart, bitcoin seems to be actual able-bodied accurate abreast the $6,950, $6,870 and $6,775 levels. On the upside, the amount has to bright the $7,025 and $7,080 attrition to claiming the $7,131 high. Finally, a breach aloft $7,130-50 could set the clip for a analysis of $7,250.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is currently affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is bouncing aback from the 40 level.
Major Support Level – $6,920
Major Resistance Level – $7,080
