Bitcoin Price Technical Analysis for 05/23/2016 – Pullback to Broken Support?

Bitcoin Price Key Highlights

  • Bitcoin cost recently done a mangle next a triangle converging settlement as illustrated in a previous update.
  • Price rebounded off a $436 area and is display a probable improvement play.
  • Any of a circuitously rhythm points competence reason as resistance, all a approach adult to a damaged support during $455.

Bitcoin cost is pulling adult from a new dive, charity a improved entrance indicate for sellers looking to locate a downtrend.

Technical Indicators Signals

The 100 SMA is above a 200 SMA on a 4-hour time support so a trail of slightest insurgency competence still be to a upside, generating some-more gains for bitcoin price. However, a opening between a relocating averages is squeezing so a downward crossover could be seen after on, sketch some-more bears to a mix.

Stochastic is already on a pierce down from a overbought area, indicating that offered vigour is starting to flog in. RSI, on a other hand, is treading around center ground.

A aloft pullback could final until a relocating averages only above $450 or all a approach adult to a damaged triangle support during $455. If these areas reason as resistance, bitcoin cost could revisit a new lows during $436 or emanate new ones closer



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