Bitcoin Price Technical Analysis for 11/15/2016 – Wait for a Breakout

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Bitcoin Price Key Highlights

  • Bitcoin price has formed lower highs and higher lows, creating a symmetrical triangle on its 4-hour time frame.
  • Price is currently testing the triangle resistance and waiting for more bullish momentum to trigger an upside break.
  • Technical indicators are giving mixed signals at the moment but a breakout could provide longer-term direction for bitcoin trading.

Bulls and bears are still fighting over where to take bitcoin price next, as a break from this consolidation pattern would confirm which side wins.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. In other words, an upside breakout might be more likely compared to a downside one. If that happens, bitcoin price could climb to the triangle highs at $765 or higher.

On the other hand, a downside break could bring it down to the triangle lows at $670. The 100 SMA is holding as dynamic resistance for now and might continue to keep gains in check since it coincides with the top of the triangle.

Also, stochastic is on the move up to show that bullish pressure is still present but the oscillator is nearing the overbought zone to indicate that the

Read more ... source: NewsBTC USA

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