THELOGICALINDIAN - Key Points
Bitcoin amount is captivation key supports adjoin the US Dollar. BTC/USD could move college already afresh as continued as it is aloft the $6,400 support.
Bitcoin Price Analysis
This accomplished week, bitcoin amount fabricated a nice upside move from the $6,300-6,310 area adjoin the US Dollar. The BTC/USD brace climbed college and bankrupt the $6,500 and $6,700 attrition levels. There was additionally a abutting aloft the $6,500 akin and the 100 simple affective boilerplate (4-hours). However, the upside move was capped by the $8,000 resistance. The amount beneath and confused beneath the 50% Fib retracement akin of the aftermost beachcomber from the $6,317 low to $6,800 high.
Later, buyers appeared abreast the $6,450 akin and the 100 SMA. Moreover, there was no analysis of the 76.4% Fib retracement akin of the aftermost beachcomber from the $6,317 low to $6,800 high. On the downside, there is a able abutment formed abreast the $6,400 and $6,380 levels. There is additionally a above bullish trend band in abode with abutment at $6,400 on the 4-hours blueprint of the BTC/USD pair. Therefore, if the amount dips from the accepted levels, the $6,400 abutment could act as a strong buy zone.
Looking at the chart, BTC amount is placed accurately aloft the trend band and the $6,400 support. On the upside, buyers charge to advance the amount aloft the $6,680 and $6,800 attrition levels. The capital attrition for a beyond advancement move is at $7,000.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is boring affective in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is aloof beneath the 50 level.
Major Support Level – $6,400
Major Resistance Level – $6,800
