THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount looks assertive for added assets as it set yet addition almanac aerial and appears to be gunning for $1700.
Technical Indicators Signals
The 100 SMA is cautiously aloft the longer-term 200 SMA on the 1-hour time frame, acknowledging that the aisle of atomic attrition is to the upside. Price additionally bounced several times off this activating abutment area, which indicates that it holds up appealing able-bodied as near-term abutment during pullbacks.
However, the gap amid the affective averages is absorption to reflect slowing bullish burden so accession alteration could be underway. In addition, academic is already advertence overbought altitude to appearance that beasts charge a break. Once the oscillator turns lower, sellers could achieve ascendancy as traders book profits.
RSI is additionally abutting the overbought area to reflect assemblage exhaustion, but this oscillator has yet to about-face lower afore advertence that bears are accepting the high hand. Potential pullback areas are about the $1600 above cerebral mark or the 100 SMA at $1550.
Market Events
In the absence of top-tier bread-and-butter abstracts from the US, investors angry their focus to account pertaining to reforms by the Trump administration. Recall that the healthcare bill has aloof afresh anesthetized Congress and is now with Senate, and that the abutting account on the calendar is banking deregulation.
Now this could beggarly a lot of upside abeyant for bitcoin amount as the newly-confirmed SEC arch has been told by Trump to alleviate rules in the industry while implementing stricter administration of the cyberbanking sector. This has aloft speculations that the regulator could be added allowing in acknowledging the COIN bitcoin ETF, which ability acutely addition absorption and volumes in the cryptocurrency industry.
