THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount zoomed up to set new best highs and is affairs aback to action an befalling to ride the rally.
Technical Indicators Signals
The 100 SMA is cautiously aloft the longer-term 200 SMA to affirm that the aisle of atomic attrition is to the upside. The gap is alike addition to reflect deepening bullish pressure. The 100 SMA is additionally abutting to the ascendance trend band abutting the latest lows of bitcoin amount action, abacus to its backbone as a floor.
In addition, the 61.8% Fibonacci retracement akin curve up with this trend band about the $5500 levels. This is additionally a concise breadth of absorption or above attrition that ability authority as support.
If so, bitcoin amount could animation appropriate aback up to the $6214 highs and beyond. Stochastic has been on the move bottomward but is affairs college after alike hitting oversold levels, which agency that beasts are acquisitive to charge. RSI, on the added hand, has affluence of allowance to abatement so the alteration could still materialize.
Market Factors
Dollar backbone came into comedy backward in the anniversary but bitcoin amount has been able to authority its arena on deepening expectations that the November advancement could about-face out well. Apart from that, political risks all over the apple like in New Zealand and Europe could abide to accumulate investors absorbed in agenda gold.
Reports that bitcoin is about to get adapted in Australia gave the cryptocurrency a addition as this could beggarly bigger basement for firms in that area. Apart from that, there accept been rumors that China could about-face its contempo bitcoin ban, animating appeal and volumes for the cryptocurrency. Some adumbrate that this could accelerate bitcoin amount up to $10,000 in the abutting six to 10 months.
