|
Title: [2016-05-09] Bitcoin Price Technical Analysis – Bulls Making a Comeback? Post by: sirohige on May 09, 2016, 04:09:56 AM The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside and the rally could carry on up to $470 or higher. In addition, the 200 SMA held as dynamic support in the past so it might continue to keep losses in check from here.
However, stochastic is indicating overbought conditions and is turning lower so bitcoin price could follow suit. This could take price down to the near-term support at $450 once more or until $440. Stronger selling pressure could lead to a test of the longer-term floor around $380-400. Meanwhile, RSI is on middle ground barely providing any strong directional clues for now. The oscillator still seems to be on track to head higher though, so bulls might have enough energy to push for a break of the near-term ceiling at $457. http://s3.amazonaws.com/main-newsbtc-images/2016/05/09030259/160509_bitcoin.png http://www.newsbtc.com/2016/05/09/bitcoin-price-technical-analysis-05092016-bulls-making-comeback/ |
