Bitcoin Price Technical Analysis for 22/01/2016 – Bulls Revving Up?

Bitcoin Price Key Highlights

  • Bitcoin cost appears to be starting a new trend on a short-term time frames, as an descending trend line can be drawn to bond a new lows of cost action.
  • Technical indicators are also hinting during a start of a short-term uptrend, with a relocating averages looking primary for an ceiling crossover.
  • Using a Fibonacci retracement apparatus on a latest pitch high and low reveals a intensity support zones.

Bitcoin cost could be starting a new uptrend though it needs to find support during a circuitously Fib levels before confirming this climb.

Short-Term Support Areas

As we can see from a draft below, a 50%-61.8% Fibonacci retracement levels are closest in line to a rising trend line around a $390-400 bitcoin cost levels. This is also nearby a relocating averages, that tend to act as energetic rhythm points.

The relocating averages are circumference closer together, with a 100 SMA looking prepared to make an ceiling crossover to prove that a trail of slightest insurgency is to a upside. In that case, bitcoin cost could rebound adult to a latest highs around $420 or mangle above that.

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