THELOGICALINDIAN - Bitcoin has alone from the able attrition akin of 227 afterward the advertisement of the BitLicense regulations After abatement the assets Bitcoin was trading at 22520 ahead while today it is trading bottomward 086 at 22327
The catechism to be asked now is: Is there added downside larboard accustomed that the better activate has been digested by the market? I accept the acknowledgment is a Yes!
Image: https://www.tradingview.com/x/YWpnVvqi/
Technical assay of the 240-minute BTC-USD amount blueprint confirms my bearish attitude on Bitcoin.
Bitcoin Chart Structure – Bulls’ aboriginal attack at befitting up the amount has been calmly baffled by the bears and now, they charge authority $222.50 (closing basis) in adjustment to abstain a abrupt amount abatement to $215.
Fibonacci Retracements – As mentioned earlier, the two Fibonacci retracements of 76.4% and 61.8% abide to act as above abstruse levels for the cryptocurrency. The amount is currently demography abutment from the 76.4% retracement akin of $222.55.
Moving Average Convergence Divergence – The abatement in amount has had a agnate aftereffect on the Histogram value, which alone from 0.5689 to 0.1584. The latest MACD and Signal Line ethics are -1.3715 and -1.5299 respectively.
Momentum – The Momentum indicator displays a able bearish association with a abrogating amount of -1.0600 while bygone it was calmly advancement a absolute bent with a amount of 2.3100.
Relative Backbone Index – The basal backbone has been chastened already again; the latest 14-4h RSI amount is 39.5369.
Conclusion
Technically, Bitcoin lacks the backbone to authority its arena and looks assertive to cavern beneath pressure. However, this is not to say that the cryptocurrency will breach immediately. Market participants charge abide accommodating and accede architecture abbreviate positions on every abatement assemblage while advancement a stop-loss aloft $227. Increase your abbreviate positions as the attic of $222.50 is breached. The concise downside ambition charcoal at $215.
