Bitcoin Price Technical Analysis for 03/02/2016 – Complex Head and Shoulders?

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Bitcoin Price Key Highlights

  • Bitcoin cost has been incompetent to benefit most traction on a prior long-term climb, combining one converging settlement after another on a short-term time frames.
  • Zooming out to a daily draft reveals that bitcoin cost competence be considering a probable long-term reversal.
  • A formidable conduct and shoulders settlement has been completed, with a erratic neckline right around a stream price.

A downside mangle next a neckline of a conduct and shoulders settlement could endorse a enlarged selloff for bitcoin price.

Technical Indicators Signals

The 100 SMA is still above a 200 SMA, that suggests that a rebound off a neckline competence be possible. Aside from that, a short-term SMA is relocating over divided from a longer-term relocating average, display that shopping vigour is strengthening.

Also, stochastic is relocating out of a oversold area, that means that buyers competence be means to take bitcoin cost aloft from here. RSI is on center belligerent though appears to be on a approach adult as well.

Depending on marketplace catalysts, however, a downside mangle competence be possible. A prolonged red candle shutting next a $350 area could be adequate to endorse a long-term drop, that competence take bitcoin cost to a 200 SMA during $320 or

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