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

Bitcoin Price Key Highlights

  • Bitcoin price appears to be gaining upward momentum, as demand for the US dollar slumped after the FOMC statement.
  • Price is now moving inside a rising wedge, with higher lows and slightly higher highs, indicating the possibility of a breakout.
  • Technical indicators are suggesting a potential return in bullish pressure.

Bitcoin price is trading inside a rising wedge formation, with bulls trying to push for more gains.

Technical Indicators Signals

RSI is on the move up, which means that buyers are in control of bitcoin price action at the moment. However, price is nearing the top of the wedge, which might hold as resistance and lead to a bounce back to the wedge support near $415. Also, RSI is near the overbought zone.

Stochastic is in the overbought level already, signaling that buyers might need to take it easy from here and allow sellers to take over. If so, resistance around $418 could hold and lead to a test of support, which is near the moving averages.

Speaking of MAs, the 100 SMA and 200 SMA are oscillating so there’s also a chance that the consolidation could carry on. However, the 100 SMA appears to be making an attempt to cross above the longer-term

Read more ... source: TheBitcoinNews