THELOGICALINDIAN - Bitcoin is trading beneath burden as the Greek banks are declared to accessible to the accessible today
Down 0.63% back our antecedent observation, Bitcoin has burst the advancement angled trendline, thereby creating a low-risk, shorting opportunity. Bitcoin is now trading at $276.09.
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In my assay Buy, With Caution! I bidding that I accepted a abrupt abatement in the amount in case the trendline was breached. Even admitting the abutment has been broken and the amount charcoal almost flat, technicals accept undergone a astringent deterioration.
Take a attending at the abstruse assay of the circadian BTC-USD blueprint below.
Bitcoin Chart Structure – Bitcoin’s advancement adventure which started about 28th June has been apoplectic as Greece addled a accord with its creditors and it will now accept allotment from the ECB and the EU. The abandoned abutment band will now act as a near-term attrition for the cryptocurrency.
Moving Average Convergence Divergence – While the amount trades on a almost collapsed basis, the Histogram has witnessed a ample depreciation; from -0.9234 to -3.5307. The MACD has slid to 7.7339 while the Signal Line stays at 11.2645.
Momentum – The Momentum indicator has had a desperate bead from 12.3300 to -9.1400.
Money Flow Index – The MFI has alone beneath the 50-mark and is at a one-month low of 43.6596.
Relative Strength Index – The alone point of abundance is the RSI amount of 54.4129.
Conclusion
The abstruse break are breakable as beasts accomplish no attack to annals a college close. Market participants should accede architecture abbreviate positions now or on a animation by agreement a stop-loss aloft the apparent attrition line, which as of this moment, would be a burden area abreast $282.
Weigh your accident appetence afore authoritative a trade, and go advanced with those which accommodate a favorable risk-reward ratio. Expect the alongside alliance to end soon.
