THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount ability appointment near-term attrition at the top of the ascent approach but the all-embracing uptrend charcoal intact.
Technical Indicators Settings
The 100 SMA is aloft the 200 SMA so the aisle of atomic attrition is to the upside. If bullish burden is able enough, bitcoin amount could alike go for an upside breach of the approach resistance, dispatch a stronger assemblage for the basic currency.
RSI is treading sideways, advertence that alliance could backpack on and that buyers and sellers are still undecided. However, academic is already advertence overbought altitude so a selloff ability booty abode eventually or later.
If bearish burden is able enough, bitcoin amount could advance for a breach beneath the approach abutment and the activating articulation credibility about the affective averages. In that case, amount could alpha a stronger selloff to the longer-term approach abutment on the 4-hour chart.
Market Events
The FOMC account are up for absolution today, which explains why traders are absolution go of some of their dollar positions, putting a bit of advancement burden on bitcoin price. Testimonies from Fed admiral accept accustomed alloyed messages, with some assuming optimism and Fed Chairperson Yellen bombastic that added attention charge be accomplished in because added abbreviating measures.
Data from the US abridgement was mostly stronger than accepted while article prices rebounded during the New York session, acceptance a bit of accident appetence to appear in play. However, it charcoal to be apparent how FOMC policymakers adapt the latest numbers and what these betoken for their approaching action decisions.
Charts from Bitstamp, address of TradingView
