THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount could retreat to any of the Fibonacci retracement levels apparent on the 1-hour time anatomy afore resuming is ascend to the antecedent highs or beyond.
Technical Signals Favor Rallies
Even admitting a bit of affairs burden could appear into comedy as traders book profits off the latest rally, the Fib levels ability still authority as abutment and draw added buyers to the mix. Price is already testing abutment at the 50% retracement akin or $350 and ability be due for a ascend aback to the latest highs at $370.
A beyond alteration to the 61.8% Fib ability still be possible, demography bitcoin amount bottomward to $335. RSI is on the move bottomward so buyers ability still be demography a breach and absolution sellers booty it from here.
However, academic is already axis higher, which agency that some bullish drive ability already be returning. If so, the 50% Fib could authority as abutment already and acquiesce amount to balance to the antecedent highs.
Meanwhile, the boilerplate directional basis climbed accomplished the 50.0 akin so bazaar altitude are trending. It is axis lower, however, so a acknowledgment to alignment altitude ability still be possible.
A abundant beyond alteration could aftermost until the burst triangle resistance, which would be the band in the beach for any pullbacks. A breach beneath the $320 breadth could appearance that a changeabout is already demography place. Note that the 100 SMA is authoritative an advancement crossover from the longer-term 200 SMA to appearance that the aisle of atomic attrition is to the upside.
Charts from Bitstamp, address of TradingView
