THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount could be due for a selloff at this above attrition level, as the bazaar is overbought and profit-taking could happen.
Technical Indicators Signals
The 100 SMA is still aloft the longer-term 200 SMA so the aisle of atomic attrition is to the upside. Also, the gap amid the two affective averages is addition and this indicates that bullish drive is accepting stronger.
However, academic is advertence overbought altitude and is accessible to about-face lower, possibly cartoon sellers aback to the mix. Similarly RSI is branch south so amount could chase suit.
More importantly, bitcoin amount is assuming a bearish alteration from these oscillators which accept formed lower highs. This could beggarly that the accepted attrition would authority and advance amount aback bottomward to the adjacent abutment at $440. On the added hand, stronger bullish burden could activation an upside breach from the attrition and a ascend to the antecedent year highs about $500.
Market Events
The accessible FOMC account could actuate area bitcoin amount is headed next, as this accident about has a able appulse on dollar direction.
Note that bread-and-butter abstracts from the US has been mostly weaker than accepted so there’s a acceptable adventitious that policymakers could complete added alert than usual. If so, bitcoin could abide to ascend as this book would additionally be acceptable for higher-yielding and riskier assets.
Still, their antecedent testimonies announce that two added amount increases could be likely this year, befitting the achievability of a June backpack on the table. If their address in this week’s account confirms this, the dollar could beforehand adjoin bitcoin amount and acquiesce the accepted attrition to hold.
Charts from Bitstamp, address of TradingView
