Bitcoin Price Technical Analysis for 11/23/2016 – Gunning for $800?

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Bitcoin Price Key Highlights

  • Bitcoin cost gained serve upside traction on bouncing off a descending channel support highlighted in earlier articles.
  • Price is now creation a approach towards a tip of a channel nearby a $780 highs or onto a $800 handle.
  • Technical indicators are confirming that bulls are still in control of bitcoin action.

Bitcoin cost is safely inside a descending channel on a 4-hour time support and is creation a run for a insurgency again.

Technical Indicators Signals

The 100 SMA is above a longer-term 200 SMA still, that means that a trail of slightest insurgency is to a upside. The 100 SMA lines adult with a channel support during $740, adding to a strength as a building in box another drop takes place. The opening between a relocating averages has been flattering solid so there competence not be any downward crossovers anytime soon.

Stochastic is on a pierce up, also confirming that buyers have adequate appetite to pull for some-more gains in bitcoin price. Similarly, RSI is streamer north so bitcoin could follow suit, nonetheless both oscillators are impending a overbought zones to coax profit-taking.

The subsequent roof is located during a $780 area, that lines adult with a yearly highs. A break

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