Bitcoin Price Technical Analysis for 09/02/2016 – Pullback or Continuation?

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Bitcoin Price Key Highlights

  • Bitcoin cost done a discerning downside mangle of a short-term range, indicating that serve waste are likely.
  • This relapse was brought onward by dollar strength as risk hatred returned to a financial markets yesterday.
  • Price is now consolidating as traders wait for additional clues.

Bitcoin cost showed bearish movement though sellers competence need to make a improvement before holding it lower. Technical indicators are giving churned signals for now.

Technical Indicators Signals

Using a Fib apparatus on a latest dermatitis pierce shows that a 38.2% improvement turn lines adult with a damaged short-term support around $373. a 61.8% Fib is tighten to a 200 SMA, that typically acts as a energetic insurgency level.

However, a 100 SMA is still above a 200 SMA so a trail of slightest insurgency competence be to a upside and bitcoin cost could go for another turn of gains. A downward crossover appears to be brewing before some-more sellers could join a fold.

Stochastic is on a pierce adult so bitcoin cost competence follow suit. RSI is creation a approach out of a oversold region, also indicating that buyers could benefit traction and pull bitcoin cost serve north to a 100 SMA insurgency around $380.

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