Bitcoin Price Technical Analysis for 11/14/2016 – New Trend Forming!

Bitcoin Price Key Highlights

  • Bitcoin cost recently pennyless next an area of interest noted in an progressing article, indicating that a downtrend competence be due.
  • Price is now pulling behind adult to this area for a retest before gaining some-more traction in a selloff.
  • If a near-term insurgency holds, bitcoin cost could make a approach behind down to a new lows during $685.

Bitcoin cost is substantiating a new downtrend after violation next an area of interest. More bears are watchful during this retest of a damaged support.

Technical Indicators Signals

The 100 SMA is still above a 200 SMA for now though a opening has extremely narrowed, indicating that a downward crossover is in a works. If that materializes, offered vigour could flog higher, permitting bitcoin cost to resume a selloff.

Also, a relocating averages line adult with a forward trend line joining a highs of bitcoin cost movement given Nov 9, adding to a strength as a intensity roof around $705-710. A pierce past this area could put bitcoin behind in a longer-term climb.

Lastly, stochastic is indicating overbought conditions and is starting to spin lower. This means that shopping movement is tired and that sellers could bound behind in.

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