THELOGICALINDIAN - We had discussed in the antecedent Bitcoin amount assay Breakdown Coming that Bitcoin is accepted to aperture the attic of the bottomward triangle and according to the latest amount activity and the abstruse break the anticipation of that accident has added significantly
Bitcoin is currently trading bottomward 1.41% at $277.10.
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Technically, both the amount activity and the abstruse indicators accept angry acutely bearish for Bitcoin, implying that added affliction is advancing for the cryptocurrency.
Bitcoin Chart Structure – With the latest decline, Bitcoin has angled to a new account low of $276.20. The cryptocurrency is now trading at the bend of the support, and alike a slight bottomward advance will see Bitcoin biconcave appear its ambition of $257.
Fibonacci Retracements – As has been bidding earlier, Bitcoin has assuredly breached the beanbag provided by the 38.2% Fibonacci retracement of $280. I am not assured this accelerate to end afore it meets its 61.8% Fibonacci retracement of $256.81.
Moving Average Convergence Divergence – MACD is apparent fast skidding appear the 0-mark as drive turns negative. The Signal Line has additionally undergone a cut thereby attached the losses in Histogram. The latest ethics are 1.7040 for MACD, 4.1655 for Signal Line and -2.4614 for Histogram.
Momentum – The Momentum account has angled to -16.9100.
Money Flow Index – The MFI has apparent a aciculate abrasion from 59.4824 to 49.1053.
Relative Strength Index – The RSI has attenuated to 46.7666.
Conclusion
Bitcoin is attractive anemic and bears should ambush on this chance. Create abbreviate positions by agreement a stop-loss aloft $282 – the attrition airish by the bottomward angled trendline – for a ambition of $256.
But I may be accepted amiss if the bears abort to advance the closing amount beneath $275. In that case, short-covering may lift the amount aback up to the mentioned attrition level.
Expect a big move in Bitcoin by the end of this week!
