THELOGICALINDIAN - Key Points
Bitcoin amount is abiding aloft the $6,400 akin adjoin the US Dollar. BTC/USD charge accretion drive aloft $6,600 and $6,800 to move into a bullish zone.
Bitcoin Price Resistance
This accomplished week, bitcoin amount started an upside correction afterwards bottomward to the $6,130 akin adjoin the US Dollar. The BTC/USD brace confused aloft the $6,200 and $6,400 attrition levels. There was additionally a breach aloft the 23.6% Fib retracement akin of the aftermost downside move from the $7,785 aerial to $6,130 beat low. However, the amount faced a lot of sellers about the $6,700 level.
There was a bounce from a crumbling approach with accepted attrition at $6,500 on the 4-hours blueprint of the BTC/USD pair. Moreover, the 38.2% Fib retracement akin of the aftermost downside move from the $7,785 aerial to $6,130 beat low acted as a hurdle. The amount confused bottomward beneath $6,600 but found support. It is currently affective college already afresh and is attempting a breach aloft the aforementioned approach and $6,500. Should the amount accomplish in affective accomplished the approach resistance, it could move college appear the $6,600 and $6,700 attrition levels. Aloft this last, the abutting hurdle sits about the $6,800 level.
Looking at the chart, the accepted amount activity suggests alliance aloft the $6,400 level. A breach aloft the $6,700 akin may conceivably accessible the doors for an upside advance appear $7,000.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is currently collapsed in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is aloof about the 50 level.
Major Support Level – $6,400
Major Resistance Level – $6,700
