THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount could use a abundant beyond alteration from its analogously large assemblage throughout accomplished week, possibly arch to a pullback to the 61.8% Fib.
At the moment, bitcoin amount is award abutment at the 50% Fibonacci retracement level, which curve up with the $350 mark. No changeabout candlesticks accept formed yet so a beyond pullback could be in play.
Meanwhile, the 61.8% Fibonacci retracement akin coincides with an breadth of absorption arresting on the circadian chart. This is the top of the antecedent ascendance triangle alliance arrangement from which bitcoin amount fabricated a able upside breakout.
If this holds as support, bitcoin amount could resume its ascend to the antecedent highs abreast the $500 mark. On the added hand, a downside breach could activation a abundant longer-term selloff for bitcoin price.
Technical indicators are still benign a alteration for now, as academic is on its way bottomward while RSI is aloof axis from the overbought zone. This shows that bears accept affluence of armament at this point, befitting them in ascendancy of bitcoin amount activity until the oscillators accept accomplished the oversold breadth and angry higher.
The 100 SMA is aloft the 200 SMA for the time actuality but the affective averages are way too abutting for comfort. This ups the allowance of a bottomward crossover, signaling that added losses are in the cards.
Resistance angry abutment at the $300 akin could still pave the way for a bounce, as a lot of traders are acceptable agreement their buy orders there. This is abutting to the affective averages and the triangle support, abacus to the backbone of the barrier.
Intraday abutment akin – $300
Intraday attrition akin – $500
Technical Indicators Settings:
Charts from BitStamp, address of TradingView
