THELOGICALINDIAN - Key Points
Bitcoin amount is trading with a absolute bent aloft $6,400 adjoin the US Dollar. BTC/USD charge breach the $6,650 attrition to accretion upside momentum.
Bitcoin Price Analysis
This accomplished week, bitcoin amount begin a strong affairs interest aloft the $6,400 akin adjoin the US Dollar. The BTC/USD brace started an upside move and traded aloft the $6,480 attrition level. Buyers additionally surpassed the amount aloft the 23.6% Fib retracement akin of the aftermost abatement from the $6,800 aerial to $6,399 low. It opened the doors for added assets and the amount acicular aloft the $6,600 level.
Moreover, there was a breach aloft a aloft bearish trend band with attrition at $6,540 on the 4-hours blueprint of the BTC/USD pair. The brace activated the 61.8% Fib retracement akin of the aftermost abatement from the $6,800 aerial to $6,399 low. It got alone and there no able abutting aloft the $6,650 level. The amount additionally struggled to accretion drive aloft the $6,600 akin and the 100 simple affective boilerplate (4-hours). A beginning downside leg was accomplished and the amount beneath beneath the $6,550 level. At the moment, the amount is accumulation beneath the $6,600 akin and is advancing for the next move.
Looking at the chart, BTC amount could ascend college already afresh aloft $6,600. However, the amount has to accretion absorption aloft the $6,650 level. The abutting hurdles for buyers are abreast the $6,700 and $6,800 levels. The key supports are at $6,480 and $6,400.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is hardly in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently aloft the 50 level.
Major Support Level – $6,400
Major Resistance Level – $6,650
