Bitcoin Price Technical Analysis for 06/17/2016 – Signs of Rally Exhaustion?

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Bitcoin Price Key Highlights

  • Bitcoin cost has been on a rip these days though some technical indicators are hinting during an exhaustion.
  • Price is shutting in on a $800 level, that is an area of seductiveness manifest on longer-term time frames.
  • If a selloff is seen during a stream levels, it could find circuitously support during $700.

Bitcoin cost could be due for a discerning selloff during this point, as profit-taking competence occur forward of a weekend and subsequent week’s EU referendum.

Technical Indicators Signals

The 100 SMA is above a 200 SMA for now so a trail of slightest insurgency is to a upside. In addition, a opening between a relocating averages continues to widen, reflecting strengthening bullish pressure.

However, stochastic is already indicating overbought conditions, that means that buyers are feeling tired and that sellers competence take over. Similarly, RSI is streamer south from a overbought section so bitcoin cost competence follow suit.

To tip it off, a bearish dissimilarity has materialized as both oscillators done reduce highs given Jun 12 while cost drew aloft highs then. This could be a pointer that bearish vigour is building adult and competence trigger a dump earlier or later. If so, bitcoin cost could shelter to a circuitously area

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