THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount is accumulation in an ascendance triangle arrangement while bazaar participants delay for added catalysts.
Technical Indicators Signals
The 100 SMA is beneath the 200 SMA so the aisle of atomic attrition is to the downside. However, the gap amid the two affective averages is absorption and an advancement crossover seems imminent, possibly advertence that buyers are regaining control. Bitcoin amount is award attrition at the 200 SMA, which usually holds as a activating articulation point.
RSI is already advertence overbought altitude and is starting to about-face lower, advertence that bearish burden ability return. Stochastic is still on the move up but is additionally abreast the overbought area, which agency that buyers are accepting beat and may let sellers booty over.
If so, a breach beneath the triangle abutment about $620 could booty abode and force bitcoin amount to fall. The abutting abeyant abutment is amid at the $580 level, at which several orders ability be located.
Market Events
Now that the capital bazaar accident (EU referendum) has passed, traders are starting to book profits off their beforehand bitcoin positions. In addition, bazaar watchers are cat-and-mouse for the abutting big agitator afore abacus to their trades. So far, there is still a lot of ambiguity in the markets as UK admiral and EU leaders haven’t started negotiations.
Risk abhorrence is still present and this ability be acceptable for bitcoin price, abnormally back axial bankers ability be because added bang or amid in the bill markets. This could drive investors abroad from currencies and equities, arch them appear another assets like bitcoin.
The bread-and-butter agenda is assuming a quiet anniversary so alliance for the abutting few canicule could be apparent unless a above advertisement is made. Event risks accommodate speeches from axial coffer admiral such as Draghi and Yellen, forth with the EU Summit set to alpha after today.
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