Bitcoin Price Technical Analysis for 05/18/2016 – Ready for a Triangle Breakout?

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Bitcoin Price Key Highlights

  • Bitcoin cost is still stranded inside a exquisite triangle converging settlement on a 4-hour time frame.
  • Price is hovering tighten to a support around $450 for now, still determining either to make a rebound or break.
  • A rebound could lead to a exam of insurgency during $455 while a relapse could trigger a longer-term downtrend for bitcoin.

Bitcoin cost could be due for a triangle dermatitis this week as there are top-tier catalysts on deck.

Technical Indicators Signals

The 100 SMA is above a 200 SMA on a 4-hour time support so a rebound seems some-more likely. However, a opening between a relocating averages is squeezing so a downward crossover could be seen, expected spurring a swell in bearish movement soon.

Stochastic is on a approach down though is now branch around, presumably indicating a lapse in shopping pressure. RSI is also on center ground, hardly charity clever directional clues during a moment.

A mangle next a triangle support could lead to a dump towards a triangle lows nearby $430. On a other hand, convene past a triangle insurgency could lead to another exam of a longer-term roof during $470.


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