THELOGICALINDIAN - Key Points
Bitcoin amount afresh bankrupt the $6,214 beat low adjoin the US Dollar. BTC/USD is acceptable to extend declines and it could fasten beneath $6,000 if sellers abide in action.
Bitcoin Price Trend
This accomplished week, bitcoin amount started a aloft downside move from able-bodied aloft the $7,200 akin adjoin the US Dollar. The BTC/USD brace bankrupt abounding supports on the way bottomward like $7,200, $7,000, $6,750, $6,600 and $6,400. There was additionally a breach beneath a aloft bullish trend band with abutment at $7,200 on the 4-hours chart. The abatement was such that the amount alike bankrupt the $6,214 low and acclimatized beneath the 100 simple affective boilerplate (4-hours).
Recently, the amount bankrupt a bearish banderole with abutment at $6,400 to extend slides. It activated the $6,100 abutment and it is currently accumulation aloft the $6,150 level. It seems like it could actual a few points, but the $6,300 akin is acceptable to act as a able resistance. There is additionally a abutting bearish trend band in abode with attrition at $6,300 on the 4-hours blueprint of the BTC/USD pair. Aloft the trend line, the antecedent abutment abreast $6,500 is the abutting major resistance. On the downside, the amount could analysis the 1.236 Fib addendum akin of the aftermost above beachcomber from the $6,214 low to $7,406 high.
Looking at the chart, BTC amount is acutely in a downtrend, but the $6,000 and $5,950 abutment levels could accommodate a able abject for a recovery.
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 still able-bodied beneath the 30 level.
Major Support Level – $6,000
Major Resistance Level – $6,500
