Bitcoin Price Technical Analysis for 10/14/2016 – Strong Area of Interest

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Bitcoin Price Key Highlights

  • Bitcoin cost is consolidating on a short-term time frames and for good reason.
  • Price is indeed contrast a vital area of seductiveness during $645-650, as this reason as support in a past and could keep holding as a ceiling.
  • Technical indicators on a longer-term charts are giving churned signals during a moment.

Bitcoin cost is stalling during a clever area of seductiveness manifest on a long-term charts, with indicators suggesting that a insurgency could hold.

Technical Indicators Signals

The 100 SMA is above a longer-term 200 SMA on a daily time frame, display that a trail of slightest insurgency is to a upside. However, a opening between a relocating averages is squeezing so a downward crossover could be due. In that case, bearish vigour could lapse and pull bitcoin cost behind to a near-term support during $600.

Stochastic has been indicating overbought conditions for utterly some time, that means that buyers are already feeling exhausted. Once a oscillator moves subsequent a overbought region, offered movement could collect adult and trigger a selloff.

On a other hand, if buyers keep putting adult a fight, bitcoin cost could pull past a area of seductiveness and go for a subsequent roof around $700.

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