THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount bounced off the abutment breadth as it fabricated a pullback from its contempo rally, advertence that buyers are accepting aback in the game.
Technical Indicators Signals
The 100 SMA is aloft the longer-term 200 SMA so the aisle of atomic attrition is still to the upside. In added words, the assemblage is added acceptable to backpack on than to reverse. Also, the gap amid the affective averages is growing to reflect accretion bullish pressure.
Using the Fib addendum apparatus on the latest pullback move indicates that bitcoin amount could arch up to the 76.4% akin abutting at the latest beat high. A abounding addendum of the move could aftermost abutting to the $2025 above cerebral barrier, but amount seems to be award attrition at the 50% akin at the moment.
RSI has been on the move up afresh but is now axis lower to announce a acknowledgment in affairs pressure. Stochastic is additionally aggressive but appears to be authoritative a turnaround aloft extensive the 75.00 level. If it continues to arch south, bitcoin amount ability chase clothing and go for addition analysis of the trend band abutment abreast $1700.
Market Events
Traders are sitting on the bend of their seats to apprehend the SEC accommodation on the COIN bitcoin ETF this week. Recall that the regulator already angry bottomward this angle on the area that bitcoin is traded in abundantly able markets but after on opened it aback up for animadversion and review.
The Winklevoss twins accept been accustomed until May 15 to abide added requirements as well, so abounding are hopeful that these will be abundant to accretion approval. If so, bitcoin could adore greater bazaar absorption and college clamminess as added funds and individuals can accept admission to the cryptocurrency.
