THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount is award abutment at the 38.2% Fibonacci retracement akin but a beyond pullback ability be due.
Technical Indicators Signals
The 100 SMA is aloft the 200 SMA so the longer-term uptrend is acceptable to backpack on. The gap amid the affective averages is still attenuated but appears to be growing so bullish burden ability be strengthening. In addition, the 100 SMA coincides with the ascent trend band on the circadian time frame, which ability authority as activating support.
However, RSI is still pointing down, which agency that sellers are in ascendancy for now. Stochastic is aloof authoritative its way out of the overbought region, advertence a accretion in bearish momentum. In that case, bitcoin amount could move on to the abutting breadth of absorption afterpiece to the 61.8% Fib or $550. A animation off this akin could acquiesce the ascend to resume to the latest highs at $776.
Market Events
The EU election is set to booty abode tomorrow and with acclamation suggesting a addition allowance in favor of the abide camp, investors are starting to book profits off this “uncertainty trade” on bitcoin. Recall that traders were affected out of equities and currencies in apprehension of added ambiguity if the UK were to leave the EU, but assessment acclamation assume to be hinting that this book can be avoided.
Once this accident accident has passed, though, bitcoin appeal could abide accurate by outflows from China. Keep in apperception that Chinese investors accept confused a lot of funds into bitcoin in apprehension of a weaker yuan and basic controls, arch to the able upside blemish in backward May. Should this abnormality persist, bitcoin amount ability still be attractive at added upside.
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