Bitcoin Price Technical Analysis for 06/14/2016 – Potential Uptrend Correction

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Bitcoin Price Key Highlights

  • Bitcoin cost recently done a clever convene though it looks like bulls are engagement profits.
  • This could offer a good event to enter on a short-term improvement from a pointy climb.
  • Using a Fibonacci retracement apparatus on a latest pitch low and high on a 1-hour time support shows intensity entrance points.

Bitcoin cost looks prepared to make a improvement from a new rally, giving buyers a possibility to bound in a uptrend during improved levels.

Technical Indicators Signals

The 100 SMA is above a longer-term 200 SMA so a trail of slightest insurgency is to a upside. In addition, a opening between a relocating averages is widening, that means that bullish movement is removing stronger.

The Fib apparatus practical on a latest bitcoin cost swell reveals that a 38.2% turn coincides with a spike reduce around $670. A incomparable pullback could final until a 50% to 61.8% Fib levels, that are around $635 to $650, while a outrageous improvement could lead to a dump to a rising trend line closer to $600. This competence be a line in a silt for any retracement, as a mangle next a trend line could consecrate a start of a reversal.

RSI is on a pierce down,

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