Bitcoin Price Technical Analysis for 11/01/2016 – Is the Pullback Over?

Bitcoin Price Key Highlights

  • Bitcoin price has been gradually trending higher, moving above a rising trend line connecting the latest lows of price action.
  • Bitcoin has also broken above a short-term consolidation pattern last week then zoomed up to a high of $465 before showing signs of a pullback.
  • Using the Fibonacci retracement tool on the latest swing low and high shows that bitcoin price has bounced off support at the 61.8% Fib and trend line.

Bitcoin price could make another climb to its previous highs or much higher, as the area of interest at the Fib levels and trend line kept losses in check.

Stronger Bullish Momentum?

The 100 SMA is above the longer-term 200 SMA, confirming that the climb could carry on. In addition, this short-term moving average is moving farther away from the 200 SMA, indicating an increase in bullish momentum which might be enough to spur a break above the previous highs at $465.

Stochastic is pointing up but is already lingering in the overbought levels, suggesting that buyers might need to take a break soon. RSI is still moving north and hasn’t reached the overbought level yet, so there is still a bit of buying pressure left.

Read more ... source: TheBitcoinNews

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