Bitcoin Price Technical Analysis for 03/03/2016 – Breakdown Alert!

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Bitcoin Price Key Highlights

  • Bitcoin cost formerly combined in a short-term exquisite triangle settlement manifest on a 1-hour chart.
  • Price afterwards pennyless subsequent a triangle support, suggesting a intensity annulment from a progressing uptrend.
  • A formidable double tip settlement can also be observed, with cost now contrast a neckline around $420.

Bitcoin cost could be due for some-more declines after creation a downside mangle of converging and combining a annulment pattern.

Technical Indicators Signals

Technical indicators are suggesting a intensity rebound for now, with a 100 SMA above a 200 SMA and oscillators relocating out of a oversold levels. Both RSI and stochastic are also display slight bullish divergences, hinting that buyers could come behind in a diversion and trigger a pullback or convene for bitcoin price.

A pullback could lead to a exam of a damaged triangle support nearby $430 and a relocating averages, that competence reason as energetic rhythm points. A incomparable convene could lead to a pierce adult to a tops around $440-450 or a prior year highs during $500.

Meanwhile, a continued selloff could lead to a dump to a subsequent support around $380-400 and all a approach down to $300. The triangle is approximately $50 high so a ensuing dump could final by

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