Bitcoin Price Technical Analysis for 05/17/2016 – Start of a Reversal?The 100 SMA is above the longer-term 200 SMA so there’s still a chance for a bounce. Price rallied off the $450 level as predicted in an earlier article and might be due for a pullback to the broken support near $457.
Stochastic is indicating oversold conditions so profit-taking around these lows could be seen. RSI has moved lower during the selloff but is back in middle ground, barely offering strong directional clues at the moment. Still, the oscillator is pointing up so bullish pressure could be in play...
http://www.newsbtc.com/2016/05/17/bitcoin-price-technical-analysis-05172016-start-reversal/
