Bitcoin Price Technical Analysis for 05/11/2016 – Back to Channel Support Again!

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Bitcoin Price Key Highlights

  • Bitcoin cost has been relocating inside an descending channel as highlighted in a previous post.
  • Price found insurgency during a tip of a channel around $460 and sole off to a channel support as expected.
  • Bitcoin is still hovering around a channel support, determining either to make a rebound or a break.

Bitcoin cost is now contrast a bottom of a descending channel and technical indicators seem to be suggesting a bounce.

Technical Indicators Settings

The 100 SMA is above a longer-term 200 SMA so a trail of slightest insurgency is still to a upside. In addition, a 200 SMA is nearby a bottom of a channel and is now holding as support around $450.

Stochastic is on a pierce adult from a oversold area, suggesting a pickup in shopping pressure. This could take bitcoin cost behind adult to a tip of a channel during $460 or higher. Similarly, RSI is indicating higher, reflecting that buyers are convalescent control.

However, if sellers take over, a downside mangle of a support could lead to a short-term selloff, presumably until a subsequent area of seductiveness during $440. A bearish candle shutting next a $445 turn could endorse this possibility.

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