Bitcoin Price Technical Analysis for 12/02/2016 – More Bulls Follow Through!

Bitcoin Price Key Highlights

  • Following the recent upside breakout from the symmetrical triangle pattern, bitcoin price continued to climb as predicted in the earlier post.
  • Price has now made its way to the triangle highs around $780 and is showing increased buying pressure to form new highs.
  • Technical indicators are giving mixed signals at the moment, but it looks like the odds are in favor of more bullish action.

Bitcoin price followed through with its consolidation breakout and sustained its climb.

Technical Indicators Signals

The 100 SMA is above the 200 SMA so the path of least resistance is to the upside. The gap has been pretty steady so bullish momentum could stay in play until a downward crossover takes place. Also, the 100 SMA lines up with the triangle support so any pullback from the climb could bounce off this area around $750.

Stochastic is already indicating overbought conditions, which suggests that buyers may be feeling exhausted from the climb. RSI is still moving up so there may be some bullish pressure left, possibly until a test of the $800 handle, before profit-taking happens and bitcoin price retreats.

Bitcoin Price Technical Analysis for 12/02/2016 - More Bulls Follow Through!Read more ... source: NewsBTC USA

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