THELOGICALINDIAN - Bitcoin briefly topped 250 for the aboriginal time back August 19 2024 hitting a beginning account aerial of 25009 We assured the antecedent Bitcoin amount abstruse assay Retreats From Account Highs on a absolute agenda adage that bazaar participants should not be anxious about the bead and instead go continued in Bitcoin abreast 242 for a ambition of 250 As can be apparent Bitcoin hit an intraday low of 24282 afore affair the said target
Bitcoin is currently trading at $248.81, up 1.92 percent. And yes, we angle by our continued call!
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Below are the latest abstruse considerations active us to abide bullish on Bitcoin, but not after a stop-loss.
Bitcoin Blueprint Structure – From the circadian BTC-USD amount blueprint above, Bitcoin can be apparent trading in an advancement channel. This agency that the affairs levels will move college and so will the amount targets. Currently, buyers should attending to accrue Bitcoin abreast $242.50 for a ambition of $254.
Bollinger Bands – We additionally declared that the high ambit of BB will act as a bridle to the amount rise. The aforementioned has been able-bodied accustomed as Bitcoin alone afterwards declining to aperture the BB resistance. But, added attempts may not be disqualified out.
Moving Average Convergence Divergence – The MACD has raced to 3.4928 while the Signal Line has leapt to 2.6306 afterward the able momentum. The Histogram looks athletic at 0.8622.
Momentum – The latest Momentum account is 10.2100.
Money Flow Index – Bitcoin is already afresh in the overbought territory, as per the latest MFI amount of 80.0649.
Relative Strength Index – The RSI amount has beyond 60, and is now at 63.0498.
Conclusion
Bitcoin is absolutely a buy candidate, however, accounting for the overbought conditions, bazaar participants should accede architecture continued positions back it has cooled bottomward to $242.50. Trade with ablaze positions if you are risk-averse. Keep a stop-loss beneath $240.
Happy Trading!
