Bitcoin Price Technical Analysis for 05/03/2016 – How Low Can Bears Go?The 100 SMA is still above the longer-term 200 SMA so the path of least resistance is to the upside. However, bitcoin price has broken below the short-term moving average, hinting that a reversal may be in order. The 200 SMA is in line with the rising trend line connecting the lows, adding to its strength as a potential support zone.
Stochastic is on the move down so bitcoin price could follow suit. The oscillator is nearing the oversold area so bears might need to take it easy and let buyers take over soon. RSI appears to be turning higher to indicate a return in bullish pressure, possibly leading to a retest of the broken triangle support at $450...
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