Bitcoin Price Technical Analysis for 03/07/2016 – Test of Triangle Support

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Bitcoin Price Key Highlights

  • Bitcoin cost recently encountered insurgency during a tip of a exquisite triangle manifest on a 4-hour and daily time frames.
  • This was adequate to send cost behind to a bottom of a draft settlement and exam support during $380.
  • Technical indicators are suggesting that another stand to a triangle insurgency competence take place.

Bitcoin cost only came off a exam of a triangle support and competence be due for another pierce towards resistance.

Technical Indicators Settings

The 100 SMA is above a 200 SMA, signaling that a trail of slightest insurgency is to a upside. Stochastic is on a pierce up, that also confirms that buyers are in control of cost movement for now, expected pulling for a exam of a triangle tip around $420-430.

RSI is also streamer north so cost competence follow suit. Stronger bullish vigour competence even lead to an upside mangle of a triangle insurgency and a enlarged uptrend for bitcoin price. In that case, cost could resume a stand to a subsequent insurgency around $465 afterwards onto a prior year highs during $500.

On a other hand, a mangle subsequent a triangle support could lead to a prolonged downtrend for bitcoin price, expected holding it down to a next

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