Bitcoin Price Technical Analysis for 16/11/2015 – Bears, Watch Out!

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Bitcoin Price Key Highlights

  • Bitcoin cost has been on a solid decline, erasing many of a sudden gains from progressing in a month.
  • Although bears still seem to be in control, offered vigour could blur once bitcoin cost hits support during a $300 mark.

Bitcoin cost could be due for a discerning rebound if profit-taking takes place around a circuitously vital support zone.

Breakdown Possible?

Technical indicators seem to be indicating that bearish movement could stay in play for most longer, as a short-term 100 SMA is next a longer-term 200 SMA. Stochastic is indicating down once more, after quickly exiting a oversold zone, suggesting a lapse in offered pressure.

RSI, on a other hand, is on a approach up. This suggests that buyers competence be prepared to bound in once sellers take a break, presumably permitting a $300 area to reason as support and trigger a rebound adult to a area of seductiveness around $315-320.

A mangle next support could coax enlarged declines for bitcoin price, potentially holding it this year’s lows around $210. Dollar strength still seems to be a vital thesis in a markets these days, even yet a latest sell sales news from a US indicated a slack in consumer spending.
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