THELOGICALINDIAN - Key Points
Bitcoin amount beneath heavily beneath $6,500 adjoin the US Dollar. BTC/USD begin abutment abreast $6,000 and is currently attempting an upside correction.
Bitcoin Price Resistance
This accomplished week, there were abundant losses in bitcoin amount from able-bodied aloft the $7,100 akin adjoin the US Dollar. The BTC/USD brace fell and bankrupt many supports like $7,000, $6,830, $6,500 and $6,200. The amount activated the $6,000 abutment area area buyers appeared. A low was formed at $5,982 and after the amount started an upside alteration appear the $6,500 level.
It bankrupt the 23.6% Fib retracement akin of the aftermost aloft bead from the $7,155 aerial to $5,982 low. More importantly, there was a breach aloft a key bearish trend band with attrition at $6,220 on the 4-hours blueprint of the BTC/USD pair. However, the upside was capped by the $6,450 level. The 38.2% Fib retracement akin of the aftermost major drop from the $7,155 aerial to $5,982 low additionally acted as a resistance. At the moment, the amount is currently testing the burst trend band and is award bids aloft $6,200. BTC amount could animation aback and it could advance assets aloft the $6,400 and $6,500 levels.
Looking at the chart, BTC amount is assuming a few absolute signs aloft $6,100. However, it charge bright the $6,400 and $6,500 levels to date a appropriate recovery.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is boring affective in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is still beneath the 50 level.
Major Support Level – $6,100
Major Resistance Level – $6,400
