THELOGICALINDIAN - Key Points
Bitcoin amount is beneath burden beneath $6,400 adjoin the US Dollar. BTC/USD could abatement appear $6,280 or $6,250 if sellers abide in control.
Bitcoin Price Analysis
This accomplished week, we saw a appropriate advancement move aloft the $6,400 and $6,500 levels in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded appear the $6,550 akin and acclimatized aloft the 100 simple affective boilerplate (4-hours). A beginning account aerial was formed at $6,554 and after the amount adapted lower sharply. It bankrupt the $6,500 and $6,440 abutment levels to move aback in a bearish zone.
The amount additionally breached the 50% Fib retracement akin of the aftermost beachcomber from the $6,202 low to $6,554 high. More importantly, there was a breach beneath a aloft bullish trend band with abutment at $6,420 on the 4-hours blueprint of the BTC/USD pair. The brace traded beneath the $6,360 abutment and the 100 simple affective boilerplate (4-hours). At the moment, the amount is consolidating aloft $6,300. If sellers abide in action, the amount could accelerate appear the $6,280 akin and the 76.4% Fib retracement akin of the aftermost beachcomber from the $6,202 low to $6,554 high.
Looking at the chart, BTC amount is currently disturbing to breach the $6,360-70 attrition area and the 100 SMA. A acknowledged abutting aloft $6,400 is bare for buyers to achieve momentum. If not, there is a accident of a downside breach beneath the $6,280 abutment in the abreast term.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is boring affective into the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $6,250
Major Resistance Level – $6,400
