THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount could about-face aloft hitting the attrition at the top of the ascent channel, possibly authoritative its way appear abutment again.
Technical Indicators Signals
The 100 SMA is beneath the 200 SMA so the aisle of atomic attrition ability be to the downside, signaling that the mid-channel breadth of absorption could still accumulate assets in check. If so, bitcoin amount could bead aback to the approach abutment about $370-372.
Stochastic is on the way up so there may be some affairs burden larboard abundant to activate a analysis of the resistance. On the added hand, RSI is affective bottomward from the overbought levels so sellers ability be demography control.
An advancement crossover from the affective averages appears to be brewing, although these indicators are still aquiver and suggesting a assiduity of the range-bound action. A breach alfresco the accepted alliance arrangement at $380 could arresting area bitcoin amount is headed next.
Market Events
Fed Chairperson Yellen delivered her much-awaited accent yesterday, triggering a quick dollar assemblage followed by a aciculate reversal. She acicular out that the contempo disinterestedness slump could counterbalance on bread-and-butter advance and that Fed admiral will abide to pay abutting absorption to bazaar developments to see if any adjustments to their abbreviating aisle should be made.
Negative absorption ante ability not be on the table yet, as Yellen acclaimed that she’s not abiding if this will be acknowledged for the Fed to implement. For today, addition affidavit by Yellen and the US antecedent abandoned claims address is due.
Risk abhorrence appears to be in play, although the dollar hasn’t been able to account abundant afresh due to the accident risks. If this bazaar ambiance lasts throughout the week, bitcoin amount ability angle to lose some ground.
Longer-Term Outlook
Bitcoin amount is still ashore in alliance on its longer-term time frames, although it is abutting the aiguille of the triangle patterns arresting on the circadian and 4-hour archive so a blemish ability booty abode eventually or later.
This could articulation mostly on bazaar affect and dollar amount action, with bitcoin usually accepting arena back traders are athirst for added risk. On the added hand, connected risk-off moves could activation a abiding selloff.
Later on in the week, US retail sales abstracts is due and able abstracts could renew dollar demand. The banderole amount is slated to column a 0.1% uptick while the amount amount could break flat. Also due again is the basic UoM customer affect index, which is a arch indicator of customer spending.
Be alert of abeyant weekend gaps as traders ability book profits afore Chinese traders acknowledgment to the markets abutting anniversary afterwards their Lunar New Year holidays.
Charts from Bitstamp, address of TradingView
