THELOGICALINDIAN - Bitcoin is trading collapsed as bazaar looks to consolidate afterwards a big abatement We discussed in our antecedent Bitcoin amount assay An Expected Decline that bazaar participants should attending to awning their abbreviate positions abreast 260 The cryptocurrency can be apparent comestible aloft this level
Bitcoin is now trading at $264.91, bottomward 0.05 percent from yesterday.
Image: https://www.tradingview.com/x/tPpGXqoj/
Technical assay of the circadian BTC-USD amount blueprint already afresh reiterates that abbreviate accoutrement may be the applicable advantage at the accepted levels. 2 arch indicators are carrying that amount may acceleration in the advancing sessions.
Bitcoin Chart Structure – Bitcoin’s amount activity in the accomplished 24 hours has been actual tight, aquiver amid $261-267.
Fibonacci Retracements – The 50% Fibonacci retracement of $268.50 is still the beam for the cryptocurrency.
Moving Average Convergence Divergence – The MACD and the Histogram are abysmal in the abrogating arena with corresponding ethics of -2.6214 and -3.6661 respectively. Signal Line is, however, managing its absolute attitude – the latest amount is 1.0447.
Momentum – The Momentum indicator asleep some losses as bazaar participants eased bottomward on their abbreviate positions. The latest Momentum account is -15.2800.
Money Flow Index – The MFI account has alone to 13.1522, which is apocalyptic of acutely oversold conditions.
Relative Strength Index – The RSI has additionally counterbalanced with the price, the amount now reads 39.1530.
Conclusion
Bitcoin may date a little improvement in the approaching sessions as abstruse factors comedy out. Market participants should delay for bigger trading opportunities and avenue for now.
If, in case, the Bitcoin amount drops to $255, awning all your abbreviate positions (if you haven’t) and actualize continued positions for a ambition of $265.
In case, the amount advances to $275, avenue the continued positions and actualize beginning abbreviate positions.
Another accident that may abet animation in the Bitcoin bazaar is the about accepted Greek accord with its creditors. Keep clue of that as well!
