THELOGICALINDIAN - Key Points
Bitcoin amount is assuming absolute signs adjoin the US Dollar. BTC/USD may conceivably extend the accepted beachcomber appear the $6,500 and $6,600 attrition levels.
Bitcoin Price Support
This accomplished week, bitcoin amount faced a lot of affairs interest as it beneath beneath the $6,000 akin adjoin the US Dollar. The BTC/USD brace traded beneath the $5,800 akin and activated the $5,650 support. A low was formed at $5,654 and the amount started an advancement correction. It confused aback aloft the $6,000 attrition and traded with a bullish bias.
It austere the 50% Fib retracement akin of the aftermost abatement from the $6,832 aerial to $5,654 low. More importantly, there was a breach aloft a key bearish trend band with attrition at $6,280 on the 4-hours blueprint of the BTC/USD pair. At the moment, the amount is consolidating gains abreast the $6,400 akin and the 100 simple affective boilerplate (4-hours). A breach aloft the 61.8% Fib retracement akin of the aftermost abatement from the $6,832 aerial to $5,654 low is bare for buyers to accretion traction. The abutting hurdles on the upside are at $6,500 and $6,600.
Looking at the chart, the amount is assuming a few absolute signs aloft the $6,000 level. However, it charge breach the $6,500 attrition and achieve aloft the 100 SMA. If not, there is a adventitious of a bearish acknowledgment aback appear $6,000. Below this, the amount will best acceptable retest the $5,800 abutment area.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is affective accurately in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now able-bodied aloft the 50 level.
Major Support Level – $6,000
Major Resistance Level – $6,500
