THELOGICALINDIAN - Key Points
Bitcoin amount is still aloft the $6,250 abutment adjoin the US Dollar. However, BTC/USD is adverse a acute attrition abreast the $6,375-6,400 area.
Bitcoin Price Analysis
This accomplished week, there was a downside extension beneath the $6,300 abutment in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded abutting the $6,200 abutment area buyers emerged. As a result, the amount started a appropriate accretion and confused aloft the $6,250 and $6,300 attrition levels. The upside move was absolute as there was a breach aloft the $6,340 akin as well. Besides, the amount surpassed the 61.8% Fib retracement akin of the contempo abatement from the $6,429 aerial to $6,201 low.
However, the upside move adjourned abreast the $6,375 attrition and the 100 simple affective boilerplate (4-hours). Moreover, the 76.4% Fib retracement akin of the contempo abatement from the $6,429 aerial to $6,201 low acted as a resistance. To the topside, there is a cogent bearish trend band in abode with attrition at $6,400 on the 4-hours blueprint of the BTC/USD pair. At the outset, there is a application triangle basic with attrition abreast $6,360. Therefore, the amount needs to beat the $6,360, $6,375 and $6,400 attrition levels to barter higher.
Looking at the chart, BTC amount is acutely adverse a solid hurdle abreast the $6,375 and $6,400 levels. If buyers abort to bright these, there could be a bearish acknowledgment aback appear the $6,250 or $6,200 support.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is about to move aback in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently collapsed abreast the 50 level.
Major Support Level – $6,250
Major Resistance Level – $6,400
