THELOGICALINDIAN - Using the Fibonacci addendum on the latest actuation beachcomber suggests that Bitcoins amount has abundant allowance to go arctic possibly above the 400 mark
So far, the affective averages accept been captivation as appealing able activating abutment areas. In addition, an advancement crossover appears to be underway, with the 100 SMA affective afterpiece to the 200 SMA to announce a auto in bullish momentum.
However, if profit-taking continues to booty abode about the accepted levels, Bitcoin prices ability adjudge to retreat to the trend band abutting the latest lows back mid-November. Stochastic assay is already advertence overbought altitude and is axis lower, which suggests that buyers ability charge to booty a breach appropriate now.
Aside from that, the RSI is assuming a bit of bearish alteration from its lower highs in aboriginal December to the college highs in Bitcoin prices. This adds addition band to the abeyant acknowledgment in affairs pressure, acceptable demography amount bottomward to the breadth of absorption about the antecedent beat aerial to $380.
The boilerplate directional basis may accept biconcave lower aftermost week, but it is starting to about-face college again, which indicates a acknowledgment to trending bazaar conditions. This supports the abstraction that the advancing uptrend ability backpack on, provided that the indicator is able to break aloft the 50 level.
Instead of dispatch dollar strength, stronger than accepted jobs abstracts from the US abridgement absolutely accustomed accident appetence to acknowledgment to the banking markets, dispatch appeal for higher-yielding and riskier assets like Bitcoin.
Charts from Bitstamp, address of TradingView
