THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount has been on a abiding ascend afterward a able upside breakout, alms opportunities to accompany the assemblage on retracements.
Technical Indicators Signals
The 100 SMA is cautiously aloft the longer-term 200 SMA on this time frame, acknowledging that the aisle of atomic attrition is to the upside and that the trend is acceptable to backpack on. In addition, the gap amid the affective averages is widening, advertence that beasts are accepting traction.
The trend band coincides with the 100 SMA, which could add to its backbone as a abutment area. Also, that arena curve up with a above attrition angry abutment area about $455-460.
Bitcoin amount appears to be hitting attrition about $470 at the moment and oscillators are suggesting that profit-taking ability booty place. Stochastic is on the move bottomward from the overbought arena so sellers are demography the high duke while RSI is additionally branch south so amount could chase suit.
Market Events
Traders arise to be abbreviation their dollar backing advanced of this week’s FOMC statement, as some are assured beat animadversion from the US axial bank. Data has been mostly anemic so policymakers ability not advertise any amount hikes aloof yet but any adumbration that they could bind afresh in June could advance to a able USD assemblage and possibly a downside breach from the concise trend band of bitcoin price.
Meanwhile, a about-face to a beneath upbeat attitude could abate dollar appeal further, benign accident appetence and the higher-yielding bitcoin. This could activation a move accomplished the contempo highs assimilate the $500 attrition which was activated in November aftermost year.
Charts from Bitstamp, address of TradingView
