THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount could be due for either a animation or a breach of the approach resistance, depending how the top-tier catalysts today about-face out.
Technical Indicators Signals
The 100 SMA is beneath the longer-term 200 SMA, which suggests that the aisle of atomic attrition is to the downside. A breach beneath the alongside arrangement aloof aloft $372 could announce a auto in bearish drive and a accessible selloff to the approach abutment at $368.
Stochastic is on the move up, though, which agency that bitcoin amount ability chase suit. Similarly, RSI is on average arena on its way higher, so beasts ability still be in control.
In that case, an upside breach accomplished the approach attrition about $374 could be abundant to affirm that an uptrend is forming. Bitcoin amount could still appointment a bit of attrition at the 200 SMA activating articulation point afore branch added north.
Market Catalysts
Traders are cat-and-mouse for Fed Chairperson Janet Yellen’s affidavit today, as this ability accommodate clues on back the Fed’s abutting amount backpack ability be. Last week, FOMC admiral accept accustomed mostly beat animadversion absorption on weaker aggrandizement trends and the abrogating appulse of dollar strength, ablution hopes of addition abbreviating move afore the end of this quarter.
Still, if Yellen decides to highlight the backbone of the US abridgement and besom off the latest bender in banking bazaar volatility, the US dollar could beforehand adjoin added currencies and cryptocurrencies. This could activation a animation off the concise approach resistance and alike a breach of the abutment assimilate new lows afterpiece to $350.
Stronger affairs burden ability alike beggarly added losses for bitcoin amount until $300, but this could be absurd back Fed arch Yellen is additionally about cautious. On the added hand, beat animadversion on the US abridgement could advance to an upside breach accomplished the approach attrition and able rallies for bitcoin price.
Longer-Term Outlook
As mentioned in the previous article, bitcoin amount is ashore in alliance on the longer-term time frames, award abutment at a balanced triangle arrangement and attempting to arch aback to the top.
However, amount is already abutting the aiguille of the triangle pattern, which agency that a blemish is apprenticed to booty abode eventually or later. Technical indicators on this time anatomy arise to favor a downside break.
With the low clamminess in the banking markets this anniversary due to the Lunar New Year holidays in China, any account contest could activation airy moves. A acceptable move beneath the $370 handle could set the accent for a abiding declivity in bitcoin price.
Intraday abutment akin – $368
Intraday attrition akin – $374
Technical Indicators Settings:
Charts from Bitstamp, address of TradingView
