Bitcoin Price Technical Analysis for 05/02/2016 – Bulls Regaining Control!

Bitcoin Price Key Highlights

  • Bitcoin price made an upside break from its latest short-term triangle consolidation pattern, indicating that buyers are getting the upper hand.
  • A bullish flag continuation pattern has just formed, which suggests that further upside is possible.
  • Technical indicators are still giving mixed signals but it looks like a long-term trend might be in the cards.

Bitcoin price showed strong bullish momentum with a consolidation breakout and a continuation pattern visible on the 1-hour chart.

Technical Indicators Signals

The 100 SMA is below the 200 SMA for now but it looks like an upward crossover is ready to take place, signaling a buildup in buying pressure. Stochastic and RSI are also heading down, which brings the possibility of profit-taking before further gains.

If so, a pullback to the broken triangle resistance at $370 or the moving averages around $375 might take place. Once the oscillators reach the oversold areas and turn higher, bitcoin price could resume its bullish run.

A strong return in buying pressure could lead to an upside break from the current flag pattern. A long green candle closing past $390 could be enough to confirm another leg higher.

bitcoin price, btcusd, bitcoin technical<p><a href=Read more ... source: TheBitcoinNews

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