THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount charcoal afloat but could use a above pullback to draw added bullish drive in.
Technical Indicators Signals
The 100 SMA is aloft the longer-term 200 SMA so the aisle of atomic attrition is to the upside. This agency that the uptrend is added acceptable to abide than to reverse. However, the gap amid the affective averages is absorption to reflect slower bullish momentum.
The 100 SMA is abutting to the 50% Fib retracement level, abacus to its backbone as support. A beyond pullback could aftermost until the 61.8% Fib about $1500 and the approach support, which is additionally abreast the 200 SMA activating articulation point.
RSI is branch bottomward for now to reflect profit-taking amid buyers. Stochastic additionally seems to accept some allowance to tumble afore hitting oversold levels and axis aback up.
If any of the Fib levels authority as a floor, bitcoin amount could resume its ascend to the beat aerial and beyond. A breach beneath the $14000 level, on the added hand, could mark the alpha of a longer-term drop.
Market Factors
The dollar has been putting up a absolutely acceptable action adjoin its aeon as absolute expectations for the FOMC account and tax ameliorate are propping the bill higher. Senators and associates of the House of Representatives are alive on amalgamation their corresponding versions of the tax bill and, according to Majority Whip Senator Cornyn, they could appear up with a accord afore Christmas.
Meanwhile, bitcoin amount is adequate able abutment from ascent broker absorption on the heels of the CBOE futures launch. CME and Nasdaq will barrage their own bitcoin futures anon and could account from added action at college volumes.
