Bitcoin Price Technical Analysis for 11/25/2016 – Hold or Fold during Channel Support?

Bitcoin Price Key Highlights

  • Bitcoin cost is still trending aloft on a 4-hour draft and relocating inside a descending channel previously marked.
  • Price has pulled all a approach behind to a channel support around $740-745 after formerly contrast a yearly highs.
  • There are several rhythm points during this support section so a rebound could be due, and technical indicators are suggesting that buyers are about to return.

Bitcoin cost is contrast a descending channel support manifest on a 4-hour time support and could be gearing adult for another rally.

Technical Indicators Signals

The 100 SMA is above a longer-term 200 SMA on this time frame, confirming that a trail of slightest insurgency is to a upside and that a stand could resume. In addition, a 100 SMA lines adult with a channel support, adding to a strength as a floor.

Stochastic is already in a oversold area and is starting to spin higher, presumably indicating a lapse in bullish pressure. Meanwhile, RSI is still treading reduce to uncover that there’s bearish movement left and competence be adequate to pull bitcoin cost to exam a 200 SMA energetic support on a incomparable correction.

Stronger offered vigour could trigger a downside mangle of support and a pierce towards the

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