Bitcoin Price Technical Analysis for 06/21/2016 – Watch These Correction Levels

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Bitcoin Price Key Highlights

  • Bitcoin appears to have strike a roof during a $775 mark, creation a mangle next a short-term converging pattern and relocating towards a circuitously support.
  • Price is now trade next a $700 symbol and could conduct serve south until $650, that is tighten to a 38.2% Fibonacci retracement turn and a former resistance.
  • A rebound off this improvement area could concede bitcoin cost to resume a stand to a recent highs and beyond.

Bitcoin cost gave in to overbought conditions and is in a center of a vast improvement to an area of interest.

Technical Indicators Signals

On a daily time frame, a 100 SMA is above a longer-term 200 SMA so a trail of slightest insurgency is to a upside. However, a opening between these relocating averages is squeezing so bullish vigour competence be weakening.

Stochastic is branch down from a overbought zone, that means that buyers are holding a mangle and permitting sellers to take over from here. RSI is also streamer south so bitcoin cost competence follow suit. A incomparable improvement could final until a 50-61.8% Fib levels, that are tighten to another area of seductiveness during $600.

A mangle next these Fibs could coax a dump all a way

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