Bitcoin Price Technical Analysis for 03/17/2016 – Bulls Pressing On!

Bitcoin Price Key Highlights

  • Bitcoin cost appears to be gaining ceiling momentum, as direct for a US dollar slumped after a FOMC statement.
  • Price is now relocating inside a rising wedge, with aloft lows and somewhat aloft highs, indicating a probability of a breakout.
  • Technical indicators are suggesting a intensity lapse in bullish pressure.

Bitcoin cost is trade inside a rising crowd formation, with bulls perplexing to pull for some-more gains.

Technical Indicators Signals

RSI is on a pierce up, that means that buyers are in control of bitcoin cost movement during a moment. However, cost is impending a tip of a wedge, that competence reason as insurgency and lead to a rebound behind to a crowd support nearby $415. Also, RSI is nearby a overbought zone.

Stochastic is in a overbought turn already, signaling that buyers competence need to take it easy from here and concede sellers to take over. If so, insurgency around $418 could reason and lead to a exam of support, that is nearby a relocating averages.

Speaking of MAs, a 100 SMA and 200 SMA are oscillating so there’s also a possibility that a converging could lift on. However, a 100 SMA appears to be creation an try to cranky above a longer-term



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