THELOGICALINDIAN - Key Points
Bitcoin amount is accumulation aloft the $6,350 abutment adjoin the US Dollar. BTC/USD charge breach the $6,500 attrition area to move into a bullish zone.
Bitcoin Price Analysis
There were added than three attempts to beat the $6,480 and $6,500 resistances by bitcoin amount adjoin the US Dollar. The BTC/USD brace bootless to accretion drive aloft the $6,500 akin and after declined. The amount traded beneath the $6,400 support and activated the $6,350 support. During the decline, there was a breach beneath the 61.8% Fib retracement akin of the aftermost beachcomber from the $6,150 beat low to $6,825 high.
However, buyers managed to authority losses beneath the $6,350 abutment level. There was additionally no analysis of the 76.4% Fib retracement akin of the aftermost beachcomber from the $6,150 beat low to $6,825 high. Later, the amount started a appropriate accretion and confused aloft the $6,400 resistance. Moreover, there was a breach aloft a abutting bearish trend band with attrition at $6,410 on the 4-hours blueprint of the BTC/USD pair. The brace is currently trading beneath the $6,450 resistance. The best important hurdle for buyers is abreast the $6,480 and $6,500 levels.
Looking at the chart, BTC amount could attack to bright the $6,500 attrition in the advancing sessions. If buyers succeed, there may able-bodied be added assets aloft the $6,550 akin and the 100 SMA. On the cast side, if the amount fails afresh to breach $6,500, it ability abatement to $6,350 or alike $6,200.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is boring affective aback in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently able-bodied aloft the 50 level.
Major Support Level – $6,350
Major Resistance Level – $6,500
