THELOGICALINDIAN - Bitcoin Price Technical Analysis
Bitcoin amount appears to be affairs up from its post-Brexit billow but the concise uptrend could abide intact.
Technical Indicators Signals
The 100 SMA is beneath the 200 SMA on this time frame, signaling that the aisle of atomic attrition ability be to the downside. A breach beneath the trend band and 61.8% Fibonacci retracement akin could affirm that added losses are in the cards, paving the way for a abundant beyond alteration for bitcoin price.
RSI is advancing the overbought region, advertence that bullish burden could abate anon and acquiesce sellers to booty over. Stochastic is additionally abreast the overbought breadth and a bottomward move could draw added bears to the game.
On the added hand, if beasts abide to advance higher, bitcoin amount could resume its ascend to the beat aerial at $685 and beyond. This depends on how bazaar contest comedy out for the abutting few days.
Market Events
Bitcoin amount could abide to be acute to bazaar sentiment, as ambiguity and animation in added banking arenas accept pushed investors to put money in basic currencies. For this week, any updates accompanying to negotiations amid the EU and the UK could advance prices around.
Apart from that, threats of action or action abatement from axial coffer admiral could advance to bitcoin demand, as this appears to accept been the case in China in backward May. As added investors brainstorm about a arrest in the all-around economy, bitcoin could appear as a abeyant safe-haven like gold and added adored metals back its amount cannot be adapted by governments and budgetary authorities.
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