THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount could accomplish a alteration to the Fibonacci retracement levels apparent on the 4-hour time anatomy afore resuming its climb.
Resistance Turned Support
The Fib levels based on the latest beat low and aerial appearance that the 50% akin curve up with the burst attrition at $350. This could authority as abutment from now on back it’s additionally abreast the 200 SMA activating articulation point. A beyond alteration could aftermost until the 61.8% Fib abreast the 100 SMA.
Speaking of affective averages, the 100 SMA is still beneath the 200 SMA so the aisle of atomic attrition ability be to the downside. If so, a breach beneath the everyman Fibonacci retracement akin about $340 could be abundant affirm that added losses are likely.
In that case, bitcoin amount could retreat to the abutting arresting abutment breadth at $300-310. A breach beneath this akin could arresting that a longer-term selloff is underway.
Meanwhile, academic is advertence overbought altitude with a slight bearish divergence. This agency that the accepted assemblage is set to arrest from here, acknowledging the case for a alteration play.
Similarly, RSI is pointing bottomward from the overbought region, advertence that sellers ability booty ascendancy of amount action. If this artlessly spurs profit-taking activity, changeabout candlesticks could anatomy about the 50-61.8% Fibonacci retracement levels to arresting a animation to the antecedent highs at $380 and beyond.
Meanwhile, the boilerplate directional basis is treading college and authoritative its way accomplished the 50.0 akin to affirm that trending bazaar altitude are in force. This could beggarly that the accepted uptrend could backpack on, potentially bringing bitcoin amount aback to its highs abreast $500 this year.
Charts from Bitstamp, address of TradingView
