Bitcoin Price Technical Analysis for 08/03/2016 – Bulls to Return …

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Bitcoin Price Key Highlights

  • Bitcoin cost is in a center of a pointy selloff though it seems to have found support during a rising trend line as expected in a prior post.
  • Price peaked off a $500 level, as copiousness of buy orders were expected watchful in that area of interest, that hold as insurgency in a past.
  • Technical indicators seem to be suggesting that a longer-term stand could resume from here.

Bitcoin cost is contrast a long-term support area, with technical indicators hinting during a delay of a climb.

Technical Indicators Signals

The 100 SMA is above a longer-term 200 SMA so a trail of slightest insurgency is to a upside. Also, a 200 SMA lines adult with a rising trend line support, adding to a strength as a floor. Bitcoin cost could be staid to stand behind to a highs during $780 or during slightest until a near-term area of seductiveness during $600-650.

Stochastic is already indicating oversold conditions and is branch higher, that means that buyers are prepared to take control of bitcoin cost movement once more. A bit of bullish dissimilarity can be seen as a oscillator done lower lows from early Mar while cost done aloft lows then.

 

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