THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount is headed for downside afterwards its contempo triangle breakdown, with bears eyeing abutment at the ascent trend line.
Technical Indicators Signals
The 100 SMA is still aloft the longer-term 200 SMA so the aisle of atomic attrition is to the upside. However, bitcoin amount has burst beneath the concise affective average, hinting that a changeabout may be in order. The 200 SMA is in band with the ascent trend band abutting the lows, abacus to its backbone as a abeyant abutment zone.
Stochastic is on the move bottomward so bitcoin amount could chase suit. The oscillator is advancing the oversold breadth so bears ability charge to booty it accessible and let buyers booty over soon. RSI appears to be axis college to announce a acknowledgment in bullish pressure, possibly arch to a retest of the burst triangle abutment at $450.
A breach beneath the trend band abutment could advance to a bead to the abutting breadth of absorption at $430, again at $400 and $380. Strong bullish momentum, on the added hand, could activation a move up to the latest highs at $470.
Market Events
Data from the US abridgement was weaker than expected, as the ISM accomplishment PMI showed a bluff arrest in expansion. However, the dollar managed to authority on to its assets adjoin bitcoin amount as accident abhorrence seemed to be in play.
There are no above letters lined up from the US abridgement today, abrogation traders to amount in expectations for the accessible NFP absolution on Friday. Strong jobs advance could renew calls for a June amount hike, acceptable acknowledging the dollar adjoin bitcoin, while anemic after-effects could activation stronger appeal for the cryptocurrency.
Charts from Bitstamp, address of TradingView
