Bitcoin Price Technical Analysis for 13/11/2015 – Bulls, Be Careful!

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Bitcoin Price Key Highlights

  • Bitcoin cost is starting a downtrend on a 1-hour forex chart, with a forward trend line joining a latest highs given a start of a month.
  • Price is now contrast a trend line insurgency nearby a Fibonacci retracement levels and competence be prepared to resume a slide.

Bitcoin cost appears to be anticipating insurgency during a 50% Fibonacci retracement turn while technical indicators are hinting that a selloff could lift on.

Correction Almost Over

Bitcoin cost already bounced off a 50% Fib on a initial exam though it seems to be creation another pullback to a insurgency area, that is right around a 100 SMA energetic rhythm point. This short-term SMA is safely next a longer-term 200 SMA for now, confirming that a trail of slightest insurgency is to a downside.

Stochastic is still streamer north though is shutting in on a overbought region, that means that buyers are starting to feel exhausted. Once a oscillator indicates that a convene is trite and turns lower, sellers could burst into movement and pull bitcoin cost behind to a prior lows during $293.

RSI is also on a pierce adult for now and is already nearby a overbought area, suggesting that shopping vigour could fade

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