THELOGICALINDIAN - Key Points
Bitcoin amount acquainted bearish with a abutting beneath $7,260 adjoin the US Dollar. BTC/USD’s upsides abide capped abreast the $7,260 and $7,320 levels in the abreast term.
Bitcoin Price Upside Hurdles
This accomplished week, there was a sharp downside move from able-bodied aloft $7,600 in bitcoin amount adjoin the US Dollar. The BTC/USD brace beneath and bankrupt the $7,500 and $7,260 abutment levels to move into a bearish zone. It alike traded beneath the $7,000 akin and is currently able-bodied beneath the 100 simple affective boilerplate (4-hours). A new account low was formed at $6,881 and the amount is currently consolidating.
An antecedent attrition on the upside is abreast the 23.6% Fib retracement akin of the aftermost dip from the $8,297 aerial to $6,881 low. Added importantly, there is a aloft bearish trend band formed with attrition at $7,320 on the 4-hours blueprint of the BTC/USD pair. Below the trend band resistance, the previous support at $7,260 is a acute resistance. Therefore, the $7,260 and $7,320 resistances are aloft barriers for added assets in BTC in the abreast term. Should there be a breach aloft $7,320, the amount could recover. The abutting attrition awaits abreast $7,600 and the 50% Fib retracement akin of the aftermost dip from the $8,297 aerial to $6,881 low.
Looking at the chart, BTC amount is acutely trading in a bearish area beneath $7,260. If it fails to balance and slides beneath $6,880, the abutting stop for sellers could be $6,500-6,600.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is mostly placed in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 30 level.
Major Support Level – $6,880
Major Resistance Level – $7,320
