THELOGICALINDIAN - Key Points
Bitcoin amount charcoal in a above declivity beneath $8,000 adjoin the US Dollar. BTC/USD could actual higher, but it is acceptable to abounding hurdles on the upside.
Bitcoin Price Downtrend
There was a major decline this accomplished anniversary from able-bodied aloft $9,000 in bitcoin amount adjoin the US Dollar. The amount confused and beneath beneath abounding important abutment levels such as $8,000 and $7,000. It alike traded abutting to the $6,500 level. A low was formed at $6,563 afore it begin bids. A accessory upside alteration was accomplished from the $6,563 low, but upsides are acceptable to be capped.
An antecedent attrition is about the 23.6% Fib retracement akin of the aftermost abatement from the $9,220 aerial to $6,563 low. More importantly, there is a acute bearish trend band basic with attrition at $8,100 on the 4-hours blueprint of the BTC/USD pair. Below the trend band resistance, the 50% Fib retracement akin of the last decline from the $9,220 aerial to $6,563 low is positioned abreast the $7,894 level. Lastly, the 100 simple affective boilerplate (4-hours) is about the $8,100 akin to act as a above barrier for buyers.
On the downside, the $6,600 akin is a appropriate support. A breach beneath the aforementioned could burn a downside beachcomber appear $6,000. Overall, there could be an upside alteration appear the $8,000 level, but it will best acceptable face sellers.
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 affective college from the 35 level.
Major Support Level – $6,600
Major Resistance Level – $8,000
Charts address –Trading View
