Bitcoin Price Technical Analysis for 01/02/2016 – Falling Wedge Sighting!

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Bitcoin Price Key Highlights

  • As likely in a previous article, bitcoin cost found insurgency during a short-term descending trend line and Fibonacci retracement level.
  • Bitcoin cost appears to be combining a descending crowd settlement from here, reflecting a bit of perplexity among sellers.
  • Price looks prepared to make a exam of a insurgency around $375 and competence be due for another bounce.

Bitcoin cost is now trending reduce and competence be means to resume a slip after contrast a circuitously insurgency levels.

Technical Indicators Signals

The 100 SMA is next a 200 SMA, confirming that a trail of slightest insurgency is to a downside. In addition, a 100 SMA lines adult with a tip of a crowd pattern, adding to a strength as a intensity insurgency level.

Stochastic is streamer north, however, that suggests that buyers are in control of bitcoin cost movement during a moment. RSI is also on a pierce adult and creation a approach past center belligerent so there competence be some bullish vigour left.

Once a oscillators strech a overbought levels and spin lower, bitcoin cost competence follow suit. This could lead to another exam of a crowd support nearby $360-365 or maybe a mangle lower.

If so, bitcoin cost could tumble to

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