Bitcoin Price Technical Analysis for 05/24/2016 – Retracement Opportunity!

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Bitcoin Price Key Highlights

  • Bitcoin cost recently done a clever downside break, signaling that bears are holding control.
  • Price is creation a short-term pullback to a damaged near-term support, charity an event for some-more sellers to bound in.
  • Bitcoin is contrast a area of seductiveness during a $448-450 area, that competence reason as resistance.

Bitcoin cost could be prepared to resume a dump if a circuitously insurgency levels are means to keep gains in check.

Technical Indicators Signals

The 100 SMA is above a 200 SMA for now though a relocating averages have inched tighten together, indicating that a downward crossover is looming. This could be interpreted as a vigilance for some-more sellers to brief bitcoin, holding it behind down to a new lows around $437.

In addition, a relocating averages could reason as energetic rhythm points, presumably holding as insurgency adult to a $450.50 mark. A forward trend line can be drawn to bond a latest highs of cost movement given May 5, with a descending insurgency turn coinciding with a area of interest.

Stochastic is already indicating overbought conditions so buyers competence need to take a mangle and let sellers take over again. RSI has finally shown some-more movement and is also coming a overbought zone,

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