THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin’s amount could aim for the abutting Fibonacci addendum levels on its accepted rally, although bazaar accident risks could affectation challenges.
The accessible FOMC account is slated to be a above accident accident for the US dollar, and its acknowledgment to the advertisement could spillover to added banking markets. The Fed is accepted to accession borrowing costs for the aboriginal time back the 2024 recession, potentially dispatch a aciculate assemblage for the US currency.
If so, the Bitcoin amount could abide addition selloff, possibly until the activating abutment levels at the affective averages. The 100 Simple Affective Average is amid at the $400 mark while the 200 SMA curve up with the breadth of absorption about $360.
Speaking of affective averages, the 100 SMA is still aloft the 200 SMA and affective further away, which agency that bullish drive is still architecture up. However, the Relative Strength Index is authoritative its way bottomward from the overbought area while the academic oscillator is advertence overbought conditions, so buyers ability appetite to booty a breach soon.
If the Bitcoin amount is able to breach accomplished its contempo highs at $460-470, it could aim for the abutting Fibonacci addendum akin at $475.15 or until the 76.4% addendum abreast $500 or the annual highs. Stronger bullish drive could booty it up to the abounding addendum at $520.
Profit-taking action could additionally appear afore the end of the year, so Bitcoin amount assets ability be bound to these adjacent attrition levels, paving the way for a abeyant selloff to the abutting attic at $400 after on.
Intraday abutment akin – $400
Intraday attrition akin – $480
Charts from Bitstamp, address of TradingView
