THELOGICALINDIAN - Key Points
Bitcoin amount acquired drive aloft $6,400, but it was bootless abreast $6,650 adjoin the US Dollar. BTC/USD akin all yesterday’s assets and acclimatized beneath $6,400.
Bitcoin Price Analysis
Yesterday, we discussed positive moves aloft $6,350 in bitcoin amount adjoin the US Dollar. The BTC/USD brace did barter higher, bankrupt the $6,400 and $6,550 attrition levels, but it bootless to absorb gains. There was a abortion abreast the aftermost beat aerial at $6,640-50. The amount was alone and it seems like it was an bootless attack to breach the $6,550 resistance. A beginning bearish beachcomber accomplished and the amount beneath beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $5,884 low to $6,652 high.
The amount additionally confused beneath the $6,400 abutment akin and alike activated the $6,200 support. However, the 100 alternate simple affective boilerplate acted as a abutment abreast $6,200. Also, the 50% Fib retracement akin of the aftermost beachcomber from the $5,884 low to $6,652 aerial is acting as a support. More importantly, there is a above bullish trend band in abode with abutment at $6,240 on the alternate blueprint of the BTC/USD pair. Should there be a break and close beneath the trend band support, the amount could bead added appear the $6,100 and $6,000 levels.
Looking at the chart, bitcoin bootless to absorb assets aloft $6,550. However, if it continues to authority the trend band and $6,200, it could accomplish addition attack to barter higher.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is about to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently collapsed abreast the 50 level.
Major Support Level – $6,200
Major Resistance Level – $6,550
