THELOGICALINDIAN - In the antecedent Bitcoin amount abstruse assay Rebounds we discussed how the cryptocurrency was abatement the losses for the accomplished anniversary But the absolute positivity was put to blow over the weekend as bears fabricated a improvement and continued positions were fast asleep at the aboriginal adumbration of apullback
Bitcoin, which is now trading at $227.93, has already afresh appear afterpiece to its important affairs absorption area of $220-225.
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As the amount abatement has pushed the amount afterpiece to its acute support, bazaar participants may additionally be factoring in a aperture of abutment this time, but I would acclaim cat-and-mouse for two alternating closes beneath the amount beanbag for 2024 afore initiating abbreviate trades.
Take a attending at the abstruse updates of the circadian BTC-USD amount chart.
Bitcoin Chart Structure – As discussed in beforehand amount analysis, the akin of $240 has acted as a burden point for the cryptocurrency. Bitcoin resumed its abatement afterwards peaking out at $237.66 while aggravating to sustain aloft $220.
Moving Average Convergence Divergence – The MACD is actively branch appear acutely lower levels for 2024, and is additionally boring the Signal Line with it. The ethics for MACD, Signal Line and Histogram are -12.8421, -9.7561 and -3.0860 respectively.
Momentum –The Momentum account of -37.4700 speaks volumes of the acute cynicism surrounding the amount of the cryptocurrency.
Money Flow Index – The MFI is ambiguous on the border of oversold levels; the latest ascertainment was fabricated at 21.7689.
Relative Strength Index – The RSI is advertence oversold altitude with a amount of 28.6993.
Conclusion
Market participants should burden from timing the bazaar and position their trades according to the amount action. Wait for a breakdown beneath $220 to aggressively abbreviate Bitcoin for a ambition of $170-190.
If the ambit holds for some added time, again accede ambit trading as well, but by afterward austere stop-losses.
