THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount could cull aback to the lower Fibonacci retracement levels, with abstruse indicators suggesting that the antidotal beachcomber is still in play.
Area of Interest at 61.8% Fib
In particular, the 61.8% Fibonacci retracement akin coincides with an breadth of absorption or above attrition akin about $310. Stochastic is still on the move south, which indicates that sellers are in ascendancy of amount action. Meanwhile, RSI is aloof branch bottomward from the overbought zone, absorption a auto in bearish pressure.
Note that academic is advancing the oversold zone, with buyers accessible to hop in already the oscillator turns higher. If that happens eventually rather than later, bitcoin amount could already accomplish a animation off the 38.2% Fib.
The 100 SMA is aloft the longer-term 200 SMA, which suggests that the aisle of atomic attrition is to the upside and that the balderdash run ability resume eventually or later. In that case, bitcoin amount can eventually animation aback to its antecedent highs about $500. However, the concise affective boilerplate is binding abutting to the 200 SMA, hinting that a bottomward crossover is possible.
If so, bitcoin amount could resume its selloff, with a breach beneath the 61.8% Fib acceptable to activation a bead to the beat low abreast $200. Much of this could articulation on US dollar demand, which is acceptable to break accurate now that the likelihood of a Fed absorption amount backpack in December has added considerably.
Intraday abutment akin – $310
Intraday attrition akin – $500
Technical indicators settings:
Charts from BitStamp, address of TradingView
