Bitcoin Price Technical Analysis for 10/03/2016 – Time for Another Pullback?

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Bitcoin Price Key Highlights

  • Bitcoin cost continues to trend higher, relocating above an descending trend line joining a latest lows on a 1-hour time frame.
  • Price only pennyless past a insurgency during $607 afterwards rallied adult to $616 before display signs of a correction.
  • Price could shelter until a damaged resistance, that is tighten to a rising trend line support.

Bitcoin cost has been on a rip and some-more bulls demeanour prepared to assign after this pullback to a circuitously support.

Technical Indicators Signals

The 100 SMA is above a longer-term 200 SMA on a 1-hour time frame, that means that a trail of slightest insurgency is to a upside and that a convene is expected to lift on. In addition, a 100 SMA coincides with a rising trend line, adding to a strength as a support area.

Stochastic seems to be creation a approach adult from a oversold area to uncover a lapse in shopping pressure. Also, a opening between a relocating averages is widening, that means that bullish movement is removing stronger. In that case, bitcoin cost could make a pierce adult to a new highs during $616 or higher.

On a other hand, a pierce next a trend line support and 100 SMA could still

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