THELOGICALINDIAN - Key Points
Bitcoin amount is captivation the key $6,350 abutment adjoin the US Dollar. BTC/USD is acceptable to breach $6,420 to ascend appear the $6,460 and $6,500 levels.
Bitcoin Price Analysis
This accomplished week, sellers fabricated abounding attempts to bright the $6,380 and $6,350 supports in bitcoin amount adjoin the US Dollar. However, the BTC/USD brace remained able-bodied bid about the $6,380 level, which acted as a able support. The contempo low was formed at $6,385 afore the amount started an upside correction. It traded aloft the 23.6% Fib retracement akin of the contempo abatement from the $6,450 aerial to $6,385 low.
The amount additionally confused aloft the $6,400 akin and the 100 simple affective boilerplate (4-hours). However, the upside move was adequate by the $6,415-6,420 zone. Besides, the 50% Fib retracement akin of the contempo abatement from the $6,450 aerial to $6,385 low is acting as a strong resistance. More importantly, there a aloft application triangle basic with attrition at $6,420 on the 4-hours blueprint of the BTC/USD pair. The brace may anon bright the $6,420 attrition to ascend further. However, a able breach and abutting aloft the $6,460 attrition is bare for buyers to accretion momentum.
Looking at the chart, BTC amount is able-bodied accurate on the downside abreast the $6,380 and $6,350 levels. As continued as the amount is aloft these supports, there are aerial affairs of it affective college appear $6,460. The abutting capital hurdle for buyers are $6,500 and $6,540.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is boring accepting clip in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently collapsed abreast the 50 level.
Major Support Level – $6,350
Major Resistance Level – $6,460
