Bitcoin Price Technical Analysis for 16/12/2015 – Bulls Setting Targets

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Bitcoin Price Key Highlights

  • Bitcoin cost is convalescent belligerent after a sharp pullback to a 100 SMA progressing on this week.
  • Using a Fibonacci prolongation levels on a latest improvement pierce suggests that bitcoin cost competence even surpass a yearly highs if bulls stay in control.

Bitcoin cost could aim for a subsequent Fib prolongation levels on a stream rally, nonetheless marketplace eventuality risks could poise challenges.

USD Action on FOMC Statement

The arriving FOMC matter is slated to be a vital eventuality risk for a US dollar and a greeting to a proclamation could spillover to other financial markets. The Fed is approaching to lift borrowing costs for a initial time given a 2008 recession, potentially spurring a pointy convene for a US currency.

If so, bitcoin cost could bear another selloff, presumably until a energetic support levels during a relocating averages. The 100 SMA is located during a $400 symbol while a 200 SMA lines adult with a area of seductiveness around $360.

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Speaking of relocating averages, a 100 SMA is still above the

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