Bitcoin Price Technical Analysis for 05/13/2016 – Bulls Putting Up a Fight!

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Bitcoin Price Key Highlights

  • Bitcoin cost has been trending aloft and relocating inside an descending channel on a 4-hour and 1-hour time frames.
  • Price is still hovering around a channel support and a rebound competence be in order.
  • If so, bitcoin cost could make another exam of a insurgency around $465.

Bitcoin cost has been consolidating during a bottom of a descending channel, with buyers still perplexing to pull for a bounce.

Technical Indicators Settings

The 100 SMA is above a longer-term 200 SMA, confirming that a trail of slightest insurgency is to a upside and that a uptrend could lift on. In addition, a 100 SMA lines adult with a channel support nearby $450 and competence reason as a energetic rhythm point. A spike reduce could still rebound off a 200 SMA nearby $442.

Meanwhile, stochastic is on a pierce up, that means that buyers are in control of cost action. RSI, however, is on center belligerent so a converging around a bottom of a channel could lift on.

A mangle next support could meant a longer-term selloff, presumably until a area of seductiveness during $430 afterwards during a vital support during $400. On a other hand, stronger bullish movement could coax a mangle past a channel

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