Bitcoin Price Technical Analysis for 05/17/2016 – Start of a Reversal?

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Bitcoin Price Key Highlights

  • Bitcoin cost was formerly trending aloft on a 1-hour time frame, relocating above an descending trend line.
  • Price done a downside mangle of support yesterday as a dollar surged.
  • This could symbol a start of a annulment from a progressing trend, nonetheless a discerning improvement could be possible.

Bitcoin cost could be in for a downtrend on a short-term charts, as it pennyless next an descending trend line.

Technical Indicators Signals

The 100 SMA is above a longer-term 200 SMA so there’s still a possibility for a bounce. Price rallied off a $450 turn as likely in an progressing article and competence be due for a pullback to a damaged support nearby $457.

Stochastic is indicating oversold conditions so profit-taking around these lows could be seen. RSI has changed reduce during a selloff though is behind in center ground, hardly charity clever directional clues during a moment. Still, a oscillator is indicating adult so bullish vigour could be in play.

If a $457 area binds as resistance, bitcoin cost could resume a dump to a $450 lows or aim for new ones. On a other hand, a convene past a $457 turn could concede a stand behind adult to $470 to resume.

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