Bitcoin Price Technical Analysis for 06/13/2016 – How High Can It Go?

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Bitcoin Price Key Highlights

  • Bitcoin cost done another mangle aloft over a weekend, indicating clever bullish momentum.
  • Price is now contrast another long-term area of seductiveness around $700, during that possibly profit-taking or another upside dermatitis competence be seen.
  • Technical indicators are hinting that a rallies could postponement though it would be useful to demeanour during a subsequent intensity insurgency levels.

Bitcoin cost has shown clever upside movement over a past few weeks and competence be eyeing a exam of these subsequent ceilings.

Technical Indicators Signals

The 100 SMA is above a 200 SMA for now so a trail of slightest insurgency is still to a upside. However, a opening between a relocating averages is squeezing so a downward crossover competence be possible, hinting during a intensity lapse in bearish pressure.

In that case, bitcoin cost could shelter from a stream area of seductiveness for a discerning pullback to a circuitously support during $500. RSI is also indicating overbought conditions, that means that buyers are tired and competence let sellers take over from here.

Similarly, stochastic is in a overbought area though hasn’t crossed reduce yet. This implies that while a rallies competence be overextended, bulls aren’t utterly prepared to give in only nonetheless and competence have adequate energy

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