Bitcoin Price Technical Analysis for 05/05/2016 – Eyes on Triangle Resistance!The 100 SMA is below the longer-term 200 SMA, confirming that the path of least resistance is to the downside and that the triangle resistance near $450 is likely to hold. In addition, the 200 SMA lines up with the top of the triangle as a dynamic resistance level.
For now, price is encountering some resistance at the 100 SMA and if this holds, another test of the support could take place. Stronger selling momentum might even trigger a downside breakout...
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