THELOGICALINDIAN - Key Points
Bitcoin amount is in a cool bearish area beneath $6,250 adjoin the US Dollar. BTC/USD is currently at a accident of added losses appear the $5,600 level.
Bitcoin Price Trend
This accomplished week, bitcoin amount bootless to move aloft the $6,700 and $6,800 resistance levels adjoin the US Dollar. As a result, there was a downside acknowledgment and the BTC/USD brace bankrupt the $6,500 support. The abatement got absorption and the amount alike bankrupt the $6,250 abutment zone. It pushed the amount in a bearish area beneath $6,250 and the 100 simple affective boilerplate (4-hours).
The amount alike bankrupt the aftermost beat low of $6,128 and formed a new account low. It activated the 1.236 Fib addendum akin of the aftermost beachcomber from the $6,128 low to $6,859 high. Later, there was an upside alteration and the amount confused aloft $6,100. However, the upside move was capped by the $6,250 and $6,300 attrition levels, which were supports earlier. At the moment, the amount is trading with a bearish bend beneath $6,250. The abutting ambition for sellers could be the 1.618 Fib addendum akin of the aftermost beachcomber from the $6,128 low to $6,859 aerial abreast $5,677.
Looking at the chart, the amount is currently in a bearish area beneath $6,250. There are aerial affairs that bitcoin could extend its abatement beneath $5,800 and $5,700 in the abreast term. On the upside, resistances are at $6,250 and $6,500.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is mostly in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now in the oversold zone.
Major Support Level – $5,600
Major Resistance Level – $6,250
