THELOGICALINDIAN - After Bitcoin dived into acutely oversold area afterward its collapse on Black Monday massive unwinding of abbreviate positions has taken abode thereby appropriation the amount essentially Bitcoin is trading at 22405 up added than 8 percent
Image: https://www.tradingview.com/x/V8taTeCd/
In the antecedent Bitcoin amount assay Black Monday, it was said that a abatement assemblage would action eventually which should be acclimated to actualize abbreviate positions. Therefore, if the Bitcoin amount nears its antecedent top of $235, actualize bearish bets by agreement a stop-loss aloft it.
Take a attending at the latest abstruse considerations below.
Bitcoin Blueprint Structure – As can be apparent from the circadian BTC-USD blueprint above, Bitcoin had broken the important attic of $220. Now, the cryptocurrency can be apparent flirting aloft this akin but I am assured the antecedent sell-off point of $235 to comedy spoilsport again. Bitcoin has been advancement a lower top, lower basal anatomy back the mid of July, and it is accepted to continue.
Moving Average Convergence Divergence – While the abatement in MACD has been abated temporarily, the Signal Line is still plummeting. The latest amount of MACD is -14.3633 while that of the Signal Line is -12.0293. The Histogram can be apparent abatement the losses and is now at -2.3340.
Momentum –The Momentum indicator has apparent a aciculate acceleration in its value, from -54.4600 to -32.0600.
Money Flow Index – The MFI has avant-garde to 30.7004.
Relative Strength Index – The 14-day RSI amount is now 34.5307.
Conclusion
The abatement assemblage in Bitcoin may abort out actual soon. Therefore, bazaar participants should be able to actualize abbreviate positions now and on college levels by agreement austere stop-losses. The awful airy altitude appeal that abysmal stops be agreement back authoritative trades.
Only high-risk traders should accede affairs Bitcoin if the amount slumps to sub-$200. Maintain a risk-reward arrangement of 1:2.5.
