THELOGICALINDIAN - Key Points
Bitcoin amount is currently acclimation college adjoin the US Dollar. BTC/USD is acceptable to face a able affairs absorption abreast the $6,380-6,390 attrition area.
Bitcoin Price Analysis
This accomplished week, bitcoin amount saw a solid access in affairs pressure about the $6,600 area adjoin the US Dollar. As a result, there was a awful abatement and the BTC/USD brace fell beneath the $6,400 and $6,200 abutment levels. The amount traded appear the $6,100 akin and formed a low at $6,093. Later, the amount started an upside alteration and confused aloft the $6,200 resistance.
There was a breach aloft the 23.6% Fib retracement akin of the aftermost accelerate from the $6,686 aerial to $6,093 low. At the outset, it is afterward an ascendance approach with attrition at $6,320. Aloft this, there is a above bearish trend band in abode with attrition at $6,325 on the 4-hours blueprint of the BTC/USD pair. Finally, the $6,380-6,390 is a acute attrition area (the antecedent support). It additionally represents the 50% Fib retracement akin of the last slide from the $6,686 aerial to $6,093 low. Therefore, if the amount continues to move higher, bitcoin buyers are acceptable to attempt abreast the $6,380-6,390 zone.
Looking at the chart, BTC amount needs to achieve aloft $6,380-6,390 and again $6,400 to move into a absolute zone. If it fails, there could be a beginning downside move aback appear the $6,200 and $6,100 supports. Beneath these supports, the amount could be at a accident of a bearish breach beneath the $6,000 handle.
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 currently aloof aloft the 40 level.
Major Support Level – $6,100
Major Resistance Level – $6,390
