Bitcoin Price Technical Analysis for 11/16/2016 – Bulls Won’t Give Up!

Bitcoin Price Key Highlights

  • Bitcoin cost is substantiating a new uptrend, combining an descending channel manifest on a 1-hour chart.
  • In addition, cost seems to have damaged above a exquisite converging settlement illustrated in an earlier article, signaling serve upside.
  • Bitcoin is still contrast an area of seductiveness for a time being and technical indicators are giving churned signals once more.

Bitcoin cost appears to have selected to take a northbound track and is watchful for some-more bulls to means a climb. 

Technical Indicators Signals

The 100 SMA is next a 200 SMA on this time frame, hinting that a trail of slightest insurgency is to a downside. However, these relocating averages have been oscillating so this competence merely be demonstrative of converging for now. Also, a 200 SMA is holding as energetic support for a time being and an ceiling crossover competence be due.

Stochastic is on a pierce down to uncover that sellers are in control of bitcoin cost action, though a oscillator is impending a oversold segment to prove that bearish vigour is exhausted. RSI is also streamer south so cost could follow fit and make a exam of a 100 SMA energetic support.

Note that bitcoin cost is already contrast a ascending

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