Bitcoin Price Technical Analysis for 15/12/2015 – Approaching Long-Term Hurdle

Bitcoin Price Key Highlights

  • Bitcoin price has been trending higher on the short-term time frames, but it looks like the cryptocurrency is hitting a ceiling at an area of interest.
  • Price is nearing a support turned resistance level, where several take-profit levels are probably located.

Bitcoin price could turn upon hitting the $500 level, as this lines up with the yearly highs and a long-term area of interest.

Pause in Bull Run?

As seen on the daily time frame of bitcoin price, the pair is stalling around the $450 level but might still have enough energy for a spike higher to $500. The 100 SMA just crossed above the longer-term 200 SMA, indicating that further gains are possible.

If bullish pressure is strong enough, bitcoin price might even be able to break above the area of interest, taking it up to the next resistance around $600. However, RSI is already moving down from the overbought zone, which suggests that bulls might need to take a break and let sellers take over.

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Similarly, stochastic is also on the move

Read more ... source: TheBitcoinNews