THELOGICALINDIAN - Bitcoin Price Key Highlights
Bulls could acknowledgment on a analysis of the breadth of absorption at $340, which curve up with the 61.8% Fib, trend line, 100 Simple Moving Average, and above resistance.
Potential Reversal?
Stochastic is on the move up, suggesting that buyers are accepting added activity to advance Bitcoin’s amount aback up. RSI is treading hardly alongside but appears to be on its way up, as well.
The 100 SMA is beneath the longer-term 200 SMA, advertence that the aisle of atomic attrition is to the downside. A breach beneath the 61.8% Fibonacci Retracement akin ability be abundant to affirm the abeyant selloff.
In addition, a head and amateur pattern appears to be forming, with the neckline about $350. A continued red candle closing beneath this ability additionally serve as a arresting for a looming downtrend.
The boilerplate directional basis is starting to point lower, which suggests that drive is fading. This could additionally be a assurance that Bitcoin’s amount is about to acknowledgment to alignment bazaar conditions, bouncing off abutment about $340 and award attrition about the antecedent highs of $380.
A big accident accident for this bitcoin amount bureaucracy is the accessible non-farm payrolls absolution from the US, which ability activation a lot of animation for the US dollar. A 201K access in hiring is expected, a slower clip of advance compared to the antecedent 271K acceleration but still abundant to accumulate the Fed on clue appear hiking absorption ante in this month’s meeting.
Intraday Support Level – $340
Intraday Resistance Level – $380
Charts from Bitstamp, address of TradingView
