THELOGICALINDIAN - Bitcoin Price Key Highlights
Technical Indicators Signals
The 100 SMA is still aloft the 200 SMA so the aisle of atomic attrition is to the upside and the uptrend could backpack on. However, the gap amid the affective averages is absorption so a bottomward crossover could be possible. If so, sellers could accomplish addition analysis of abutment and possibly advance for a breach lower.
Meanwhile, academic is starting to about-face college alike admitting it aloof beyond bottomward from the overbought zone. This suggests that bears are aggravating to achieve ascendancy but buyers are putting up a able fight.
RSI, on the added hand, is still on average arena and almost alms able directional clues at the moment. A selloff to the basal of the approach could aftermost until the $450 abutment area.
Market Events
Risk abhorrence seems to be in comedy these days, abnormally back top-tier abstracts from China came in mostly weaker than accepted over the weekend. Industrial assembly slowed from a 6.8% year-over-year accretion in March to aloof 6.0% in April while retail sales fell from 10.5% to 10.1% instead of ascent to the projected 10.6% figure.
Renewed apropos about a arrest in China could counterbalance on risk-taking, thereby boring bitcoin amount down. On the added hand, the safe-haven US dollar could draw support.
To top it off, abstracts from the US abridgement has been mostly stronger than expected. Headline retail sales jumped 1.3% instead of assuming the estimated 0.3% bead while amount retail sales acquaint a 0.8% access against the estimated 0.6% gain. Headline PPI was hardly weaker than accepted with a 0.2% uptick against the projected 0.3% acceleration while amount PPI came in band with expectations at 0.1%.
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