Bitcoin Price Technical Analysis for 08/17/2016 – Testing Area of Interest

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Bitcoin Price Key Highlights

  • Bitcoin cost pennyless above a neckline of a short-term double bottom arrangement illustrated in a previous article.
  • Price has climbed to a $580 area given and is contrast a support incited insurgency level.
  • Additional insurgency is located around technical rhythm points so a lapse in bearish vigour could be due.

Bitcoin cost enjoyed a clever convene recently yet could be prepared to resume a slip shortly if this area of seductiveness holds.

Technical Indicators Signals

The 100 SMA is subsequent a longer-term 200 SMA, confirming that a trail of slightest insurgency is still to a downside. In addition, bitcoin cost is contrast insurgency during a 200 SMA energetic rhythm point, that competence be adequate to keep gains in check. If so, bitcoin could slip behind to a prior lows around $560-565.

Stochastic is already indicating overbought conditions, also confirming that bears are about to take control of cost movement once more. If bulls put adult a clever quarrel though, a pierce adult to a subsequent insurgency around $590 could be in a cards.

Bitcoin Price Technical Analysis for 08/17/2016 - Testing Area of Interest

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