THELOGICALINDIAN - Bitcoin has admired the bottomward triangle abutment akin we discussed in the antecedent assay But it is calmly a advertise on acceleration candidate
Bitcoin is currently trading at $283.91, up $2.65 or 0.94 percent.
Image: https://www.tradingview.com/x/s77ECEtf/
Technical assay of the circadian BTC-USD amount blueprint tells that bazaar participants may anon get an befalling to abbreviate Bitcoin at a low-risk level.
Bitcoin Chart Structure – The abject of the bottomward triangle about $276 is alluring some buyers. Similarly, the bottomward angled attrition band is accepted to affectation obstacles about $288-290.
Fibonacci Retracements – The 38.2% Fibonacci retracement akin of $280 additionally provides a beanbag to the Bitcoin price.
Moving Average Convergence Divergence – The MACD has now slid to its everyman akin in over a ages as negativity hounds Bitcoin. The best contempo ethics of MACD, Signal Line and Histogram are 3.5370, 5.8532 and -2.3161 respectively.
Momentum – The Momentum indicator is still in the abrogating arena with a amount of -4.8700.
Money Flow Index – The MFI is assuming signs of weakness; the latest amount is 58.9719.
Relative Strength Index – The 14-day RSI amount is suggesting that Bitcoin may consolidate some added time afore a blemish on either ancillary of the attenuated range.
Conclusion
The blueprint anatomy is bearish and the abstruse indicators do not acrylic a absolute account either. Short Bitcoin on rallies up to the apparent attrition area by agreement a stop-loss aloft $290. I am assured the abutment of $276 to cavern in the advancing sessions.
If the abutment does break, apprehend $250-260 on the downside to be met in a quick abrogating reaction.
However, if the bazaar is able to authority the abutment and the attrition is taken out, affluence your abbreviate positions and accede activity continued as the cryptocurrency may try for abject formation.
Follow the amount activity carefully and barter on extremes by agreement austere stop-losses to abbreviate the risk.
