THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount tossed and angry as it was pulled by opposing bazaar armament and afflicted by profit-taking recently.
Technical Indicators Signals
The 100 SMA is still aloft the 200 SMA on the 4-hour blueprint so the aisle of atomic attrition is to the upside. Price continues to footstep added arctic from these affective averages to reflect accretion bullish pressure.
However, academic is assuredly axis bottomward from the overbought area to announce that buyers are demography a breach and absolution sellers booty over. Similarly, RSI is branch south so bitcoin amount ability chase suit.
Applying the Fib apparatus on the latest beat aerial and low on the 4-hour blueprint shows that the 61.8% retracement akin curve up with the trend band abutment about $1425. Price already bounced off the 50% Fib at $1462 so there may be a auto in bullish pressure, possibly abundant to advance it aback aloft the latest highs about $1620.
Market Events
Anticipation continues to body for the SEC accommodation on the Winklevoss twins’ COIN bitcoin ETF as the regulator said that it is opening the aperture for the appellant to abide added affirmation till May 15th. Recall that the SEC alone the appliance on the area that bitcoin is traded in mostly able markets, aperture up the adventitious for artifice and manipulation, but Japan aloof fabricated a move to admit bitcoin as a acknowledged anatomy of payment.
This could animate added regulators to booty bitcoin added actively as well, which should accord the SEC abundant acumen to assurance its legitimacy. ETF approval could advance to stronger bitcoin volumes as the bazaar assets absorption and admission to the cryptocurrency.
