Bitcoin Price Technical Analysis for 06/20/2016 – Potential Selloff Levels

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Bitcoin Price Key Highlights

  • Bitcoin cost done a strong weekend convene as expected and is behind in converging once more.
  • A exquisite triangle arrangement can be seen on a 1-hour time frame, indicating perplexity among both bulls and bears.
  • Signs of convene depletion were seen in a past week, that suggests that profit-taking activity could happen.

Bitcoin cost could be in for a pointy dump if traders confirm to book increase off their new prolonged positions.

Technical Indicators Signals

The 100 SMA is above a 200 SMA, that means that a trail of slightest insurgency is to a upside and that serve gains are possible. In addition, this short-term relocating normal lines adult with a exquisite triangle support and is holding as a energetic rhythm point. The opening between a relocating averages is widening so bullish vigour could be building up.

However, stochastic is indicating down, hinting that sellers could take control of bitcoin cost and pull for a downside break. If so, cost could conduct towards a subsequent building around a $675-700 area, that is around an area of seductiveness and is also tighten to a 200 SMA. A mangle subsequent this area could move bitcoin cost to a subsequent long-term support during $575.


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