Bitcoin Price Technical Analysis for 03/16/2016 – Right Shoulder …

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Bitcoin Price Key Highlights

  • Bitcoin cost has been stranded in a parsimonious operation lately, watchful for some-more directional clues from this week’s catalysts.
  • Price is solemnly harsh aloft though is carrying problem violation past a $415 area.
  • If insurgency continues to hold, bitcoin cost could finish a conduct and shoulders annulment pattern, indicating a start of a selloff.

Bitcoin cost appears prepared to finish a annulment settlement on a 1-hour time frame, signaling a probable downtrend.

Technical Indicators Signals

The 100 SMA is attempting to cranky next a longer-term 200 SMA to uncover that a downtrend is starting. In addition, RSI is streamer south so cost competence follow fit and dump to a pitch low nearby $405.

The Fibonacci retracement apparatus practical on a latest pitch high and low shows that a 61.8% turn lines adult with a clever insurgency and area of seductiveness during $415. A mangle above this area could nullify a settlement and lead to a pierce adult to a highs during $425. Further rallies past that indicate could put bitcoin cost on lane towards $450 afterwards $465.

Stochastic is also on a pierce down, that means that sellers are on tip of their diversion now. If this carries on, a mangle next a swing

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