Bitcoin Price Technical Analysis for 10/17/2016 – Breakout Brewing?

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Bitcoin Price Key Highlights

  • Bitcoin cost is still stranded in consolidation, relocating between insurgency during $646 and support around $637.
  • Price only came off a exam of insurgency and could have a sights set behind on support.
  • A pickup in sensitivity could lead to a mangle in possibly direction, environment a tinge for longer-term price action.

Bitcoin cost continues to connect in a parsimonious operation as traders wait for stronger marketplace catalysts to set direction.

Technical Indicators Signals

The 100 SMA is above a longer-term 200 SMA on this time support so a trail of slightest insurgency could be to a upside. However, a relocating averages simply seem to be oscillating so serve converging is possible. Right now, a relocating averages are also holding as energetic support levels, that competence be adequate to keep near-term waste in check.

Stochastic is indicating oversold conditions and is branch aloft to uncover a lapse in bullish pressure. This also supports a unfolding that bitcoin cost could make another exam of a operation insurgency or even pull for a mangle higher. If so, a cryptocurrency could stand by a same tallness as a operation formation.

A tiny double tip settlement can be seen with a neckline during a relocating averages or

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