Bitcoin Price Technical Analysis for 11/24/2016 – Eyes on This Triangle

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Bitcoin Price Key Highlights

  • Bitcoin cost has shaped reduce highs and aloft lows, formulating a exquisite triangle settlement manifest on a short-term chart.
  • Price is now contrast support and competence be due for a rebound behind to a resistance.
  • Technical indicators are giving churned signals, nonetheless a downside mangle seems possible.

Bitcoin cost is consolidating inside a exquisite triangle formation, presumably gearing adult for a clever breakout.

Technical Indicators Signals

The 100 SMA only crossed next a longer-term 200 SMA to prove that a trail of slightest insurgency is to a downside. In other words, a mangle reduce could be some-more expected than an upside dermatitis from a insurgency nearby a yearly highs as bullish movement is slowing.

Stochastic is on a pierce adult to uncover that buyers are still in control of bitcoin cost action, suggesting that another exam of a triangle insurgency around $760-765 could be in a cards. Once a oscillator reaches a overbought section and turns lower, offered vigour could lapse and force a pierce next $750.

RSI is on center ground, hardly charity clever directional clues during a moment. It appears to be on a approach down, though, so bearish vigour is still present.

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