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

Bitcoin Price Key Highlights

  • Bitcoin price has been on a steady decline, erasing most of its sudden gains from earlier in the month.
  • Although bears still seem to be in control, selling pressure could fade once bitcoin price hits support at the $300 mark.

Bitcoin price could be due for a quick bounce if profit-taking takes place around the nearby major support zone.

Breakdown Possible?

Technical indicators seem to be indicating that bearish momentum could stay in play for much longer, as the short-term 100 SMA is below the longer-term 200 SMA. Stochastic is pointing down once more, after briefly exiting the oversold zone, suggesting a return in selling pressure.

RSI, on the other hand, is on its way up. This suggests that buyers might be ready to hop in once sellers take a break, possibly allowing the $300 area to hold as support and trigger a bounce up to the area of interest around $315-320.

A break below support could spur prolonged declines for bitcoin price, potentially taking it this year’s lows around $210. Dollar strength still seems to be a major theme in the markets these days, even though the latest retail sales report from the US indicated a slowdown in consumer spending.Read more ... source: TheBitcoinNews