Bitcoin Price Technical Analysis For 03/22/2016 – Can BTC Make It?

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Key Points

  • Bitcoin cost dived yesterday opposite a US Dollar, though found support nearby a $405-03 levels.
  • BTCUSD is now relocating higher, and attempting to mangle a short-term insurgency nearby $412.
  • There is a bullish trend line settlement shaped on a hourly draft (data feed from Bitstamp), that can be seen as a support area for a bulls.

Bitcoin cost pennyless down yesterday, though managed to reason a $405-00 support area. Now can it redeem or plea $420 once again?

Bitcoin Price – Buying favored

Bitcoin cost broke a channel pattern, that was highlighted in yesterday’s post. However, as we kept observant a $405-00 support area is a vital separator for a bears. The cost found support around a same area yesterday, and recovered. The cost managed to transparent a 38.2% Fib retracement turn of a final dump from a $419 high to $403 low.

There is now a bullish trend line shaped on a hourly chart (data feed from Bitstamp), that might be seen as a buy section it a cost moves down one again. The best partial is a fact that a cost sealed above a 100 hourly elementary relocating average, suggesting bids exceeded offers and pushed BTC higher.

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