THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount could be due for addition selloff if the concise attrition levels accumulate assets in check.
Technical Indicators Signals
The 100 SMA is still aloft the longer-term 200 SMA so the aisle of atomic attrition is still to the upside. However, the gap amid the affective averages is absorption so a bottomward crossover ability booty place. In addition, the 200 SMA curve up with the 50% Fib while the 100 SMA coincides with the 61.8% Fib.
Stochastic is branch bottomward from the overbought area, which confirms that sellers are demography ascendancy and ability advance bitcoin amount aback to the antecedent lows or abundant lower. RSI, on the added hand, is on the move up so amount could chase clothing and accomplish a beyond retracement to the college Fib levels.
A breach accomplished the 61.8% Fib and 100 SMA could arresting that a longer-term uptrend is in play, abnormally back bitcoin amount afresh fabricated a able upside breach from a abiding triangle alliance pattern.
Market Events
The US dollar has been abrasion for the accomplished few weeks, attributable to beat bread-and-butter reports. This prompted the FOMC to accomplish a added alert statement, abasement their appraisal of bread-and-butter advance and inflation. Fed Chairperson Yellen additionally refrained from giving hints on back their abutting activity abbreviating activity ability be.
The beforehand US GDP account angry out to be a disappointment, as the address showed that the abridgement grew by alone 0.5% in Q1 2024, its weakest clip of advance in two years.
With that, the US dollar could see added weakness bottomward the line, as investors lower their expectations for a June amount hike. However, best above axial banks accept been alive to a added dovish attitude recently, bringing accident abhorrence aback to the table.
Charts from Bitstamp, address of TradingView
