THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount is on an uptrend on its concise and abiding archive but could abide a alteration afterwards some profit-taking activity.
Technical Indicators Signals
The 100 SMA is aloft the longer-term 200 SMA on this 4-hour blueprint so the aisle of atomic attrition is to the upside. In addition, the 100 SMA has afresh captivated as activating abutment and could abide to do so. The gap amid the affective averages is accepting added to appearance added bullish pressure.
Stochastic is advertence overbought conditions, which reflects assemblage burnout and hints that affairs drive could appear into play. RSI is additionally in the overbought breadth and is already axis lower to advance that bears are aggravating to achieve the high hand. If so, addition pullback to the adjacent 100 SMA abutment at $1250 or to the 200 SMA activating articulation point at $1150 could be underway. A beyond alteration could aftermost until the approach basal at $1100.
Market Events
Traders are now axis their absorption to the tax ameliorate plan to be apparent by President Trump on Wednesday as this ability accommodate abutment for US assets, including the dollar. Still, there’s a adventitious for disappointment as the capacity could abatement abbreviate of bazaar expectations and there’s additionally the catechism of how continued it would booty afore the changes are implemented.
As for bitcoin itself, the abridgement of abrogating account has accepted absolute for the cryptocurrency as there accept been no new regulations from China so far nor any troubles from the arrangement adamantine fork. With that, the aisle of atomic attrition in agreement of fundamentals is additionally to the upside, awaiting any above surprises from the account this week.
Charts from SimpleFX
