Bitcoin Price Technical Analysis for 11/18/2016 – Joining the Bulls?

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Bitcoin Price Key Highlights

  • Bitcoin price reached the yearly highs around $780 and profit-taking happened as predicted in the previous article.
  • Price is now making a pullback from its recent rally and could encounter more bulls who are waiting at the next area of interest.
  • Technical indicators are confirming that the uptrend could resume once the correction is completed.

Bitcoin price is retreating upon reaching its yearly highs but bulls could be ready for another push higher after this pullback.

Technical Indicators Signals

The 100 SMA just crossed above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. The gap between the moving averages is widening, which means that bullish pressure is getting stronger and that bitcoin price could revisit its recent highs sooner or later.

Stochastic is turning higher from the oversold area, also to indicate that profit-taking might be over and that buyers could return to the game. RSI is also starting to bottom out so price could follow suit. However, a larger pullback to the broken resistance around $720-735 could encounter more bulls waiting with their long orders.

161118_bitcoin

161118_bitcoin

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Yellen’s hawkish speech

Read more ... source: TheBitcoinNews

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