THELOGICALINDIAN - Bitcoin has aloof from its account highs as bazaar participants blitz to book profits in their continued positions amidst fears that the cryptocurrency may accept been overbought Bitcoin is currently trading at 24412 bottomward 138 percent and afterpiece to the acute advancement angled abutment line
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Just yesterday, we discussed how Bitcoin started the anniversary on a able note, and beam advanced 24 hours, the beasts accept frittered abroad the advantage. The uptrend is still intact, but the drive and backbone readings accept acutely been hit.
Bitcoin Chart Structure – As Bitcoin struggles to absolute its losses, the bears accept pushed the amount beneath the 200-day SMA of $245.4708. The high ambit of the BB, as was put in the previous Bitcoin amount analysis, has acted as the resistance. The abuse of $240 will be the aboriginal able arresting of a trend reversal.
Moving Average Convergence Divergence – The Histogram has apparent a cut in its amount as MACD goes horizontal. The latest amount of MACD is 2.9014, that of Signal Line is 2.3082, and that of Histogram is 0.5932. Today’s amount of Histogram is a desperate abridgement from yesterday’s 1.0789.
Momentum – The Momentum account has dived to 5.9800.
Money Flow Index – One absolute from this accumulation booking is that Bitcoin has eased from overbought valuations. The MFI amount is now 68.8679.
Relative Strength Index – The 14-day RSI amount has attenuated to 58.5291.
Conclusion
At the accepted stage, there is annihilation to be anxious about. Simply abode a bound stop-loss beneath $240 and accumulate afterward the abstruse indicators for any divergences. Go continued in Bitcoin abreast $242 for a ambition of $250.
One accurate assurance of weakness that irks me is that the cryptocurrency has been bootless at captivation its arch aloft the technically important 200-day SMA. I would accumulate an eye out for this one as well!
