Bitcoin Price Intraday Analysis for 17/11/2015 – Another Triangle Pattern!

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Bitcoin Price Key Highlights

  • Bitcoin cost is stranded in converging once more, relocating inside an descending triangle settlement manifest on a 1-hour time frame.
  • Price formerly pennyless subsequent an earlier triangle pattern, hinting that another downside mangle competence be in a cards.

Bitcoin cost is now contrast a descending triangle resistance, still determining that instruction to take, with technical indicators giving churned signals.

Buyers Still in Control

Stochastic is streamer north so bitcoin cost could still follow suit, potentially spurring an upside mangle from a triangle insurgency around $340 and heading to a stand to a subsequent manifest roof during $380-400. RSI is also indicating up, indicating that buyers are on tip of their diversion and prepared to pull for some-more gains.

Meanwhile, a 100 SMA is subsequent a longer-term 200 SMA, indicating that a longer-term selloff is expected to lift on. This could lead to a downside mangle of support around $330, presumably pulling bitcoin cost to a triangle lows of $300.

Bitcoin cost has been consolidating firmly and tightly, coming a rise of a triangle. This suggests that a dermatitis in possibly instruction is imminent, with candlestick patterns portion as acknowledgment signals for momentum.

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