THELOGICALINDIAN - Key Highlights
Bitcoin amount backlash from the ¥1811 low is acceptable completed and it may alpha to move lower if sellers accretion momentum.
Retest of ¥2024 Likely?
The Bitcoin amount managed to accretion bids abreast the ¥1800 abutment breadth and managed to balance some ground. However, it looks like the accretion is now over and the amount may alpha to move lower already again. The amount afresh activated a monster confluence attrition breadth of ¥2200 area the 100 alternate simple affective boilerplate (MA) forth with the 50% Fib retracement akin of the aftermost bead from the ¥2550 aerial to ¥1811 low prevented the upside. There was a bullish trend band formed on the alternate chart, which was breached afresh to animate sellers to booty the amount lower.
There is application triangle arrangement basic as able-bodied (price augment from Huobi), which ability act as a agitator for the abutting move. If sellers accretion ascendancy and administer to booty the amount beneath the triangle, again a downside move appear ¥2024 is possible.
MACD – The alternate MACD is mostly collapsed is it looks like ambience up for the abutting move that may be a buck leg.
RSI (Relative Strength Index) – The alternate RSI beneath the 50 level, which is a assurance that buyers are accident grip.
On the upside a breach and abutting aloft the 100 MA is bare if the amount has to barter higher.
Intraday Support Level – ¥2024
Intraday Resistance Level – ¥2200
Overall, a breach and abutting beneath the accent triangle may be a arresting for a advertise in the abbreviate term.
Charts from BTCChina and Huobi; hosted by Trading View
