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

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Bitcoin Price Key Highlights

  • Bitcoin cost has been gradually trending higher, relocating above a rising trend line joining a latest lows of cost action.
  • Bitcoin has also damaged above a short-term converging pattern final week afterwards zoomed adult to a high of $465 before display signs of a pullback.
  • Using a Fibonacci retracement apparatus on a latest pitch low and high shows that bitcoin cost has bounced off support during a 61.8% Fib and trend line.

Bitcoin cost could make another stand to a prior highs or most higher, as a area of seductiveness during a Fib levels and trend line kept waste in check.

Stronger Bullish Momentum?

The 100 SMA is above a longer-term 200 SMA, confirming that a stand could lift on. In addition, this short-term relocating normal is relocating over divided from a 200 SMA, indicating an boost in bullish movement that competence be adequate to coax a mangle above a prior highs during $465.

Stochastic is indicating adult though is already slow in a overbought levels, suggesting that buyers competence need to take a mangle soon. RSI is still relocating north and hasn’t reached a overbought turn yet, so there is still a bit of shopping vigour left.

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