THELOGICALINDIAN - Key Points
Bitcoin amount bootless already afresh abreast the $6,600-6,620 attrition adjoin the US Dollar. BTC/USD is acclimation lower and it could analysis the $6,275 and $6,188 supports.
Bitcoin Price Range Trading
This accomplished week, there was a nice upward move from the $5,900 beat low in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded aloft the $6,300 and $6,500 attrition levels. However, the amount bootless yet afresh abreast a cogent attrition at $6,600-6,620. The declared attrition area prevented assets aloft $6,650 and the 100 simple affective boilerplate (4-hours). As a result, the amount beneath and confused beneath the $6,500 level.
There was a breach beneath the 23.6% Fib retracement akin of the aftermost leg from the $5,900 low to $6,653 high. Moreover, there was a breach beneath a above bullish trend band with abutment at $6,460 on the 4-hours blueprint of the BTC/USD pair. It has opened the doors for more losses in the abbreviate appellation beneath the $6,300 abutment level. The abutting important abutment is the 50% Fib retracement akin of the aftermost leg from the $5,900 low to $6,653 aerial at $6,276. Beneath this, the amount is acceptable to breach the $6,250 akin to analysis the $6,188-6,200 abutment zone.
Looking at the chart, BTC amount seems to be trading in a ample ambit of $6,000-6,600. Therefore, there are affairs of the accepted beachcomber extending arise $6,200 and $6,000 afore buyers appear.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD has confused aback in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now beneath the 50 level.
Major Support Level – $6,200
Major Resistance Level – $6,600
