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Title: [2016-03-04] Bitcoin Price Technical Analysis– Quick Pullback? Post by: Scream on March 04, 2016, 06:32:35 AM Potential Resistance Areas
Bitcoin price has formed a small double bottom pattern, indicating that a quick rally could take place. This could stall around the broken triangle support near the $430 level and the 61.8% Fibonacci retracement level. A shallow pullback could last until the 50% level or the $428 mark, which is also near the dynamic resistance at the moving averages. For now, the 100 SMA is above the 200 SMA but a downward crossover could confirm that the selloff is about to resume. An even smaller pullback could encounter a ceiling right around the 38.2% Fib or the $425 level. Both stochastic and RSI are on their way up, indicating that bullish momentum is in play at the moment. Once these oscillators hit the overbought regions and turn lower, sellers could take control of the game. http://www.newsbtc.com/2016/03/04/bitcoin-price-technical-analysis-for-03042016-quick-pullback/ |