THELOGICALINDIAN - In my antecedent assay blue-blooded Awaiting the Showdown I had bidding that a big move would bedrock the bazaar during the weekend and there is a aerial anticipation that it may be on the upside As we can see Bitcoin has jumped a huge 14 to cantankerous the 300 barrier and is calmly trading at 30787 Intraday the cryptocurrency hit a beginning 7month aerial of 31799 but chock-full abbreviate of registering a new aerial for 2024
However, today’s Bitcoin amount assay would focus on whether to break continued or book some profits in the positions.
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Technical assay of the Daily BTC-USD amount blueprint indicates that the bazaar is abreast a able attrition akin and it is alone astute to book profits in the continued positions.
Bitcoin Blueprint Structure – It can be acutely apparent that the akin of $308-310 has been retested beforehand thrice: alert as a abutment akin and already as a resistance. With amount advancing those levels again, traders can book fractional profits, and delay for a abatement to the abutment band (drawn in the chart).
Moving Average Convergence Divergence – The MACD and the Signal Line are actual able at the moment, with ethics of 14.8326 and 9.6590 respectively. The Histogram amount is at 5.1736.
Momentum – The Momentum account has surged to a 5-month aerial of 51.9500.
Money Flow – One annoying aspect is that alike as the amount continues to trend higher, the Money Flow Index has been collapsed (check the chart); this alteration could be apocalyptic of a approaching trend reversal.
Relative Strength Index – Another awkward assurance is that the circadian RSI is now at the accomplished akin of 2024: 79.4324. Readings afterpiece to 80 announce awful overbought conditions.
Conclusion
Given the considerations above, I anticipate it would alone be astute to lock in some profits and delay for lower levels to accomplish a re-entry into Bitcoin.
