Bitcoin Price Technical Analysis for 22/02/2016 – Uptrend Gaining Traction

Bitcoin Price Key Highlights

  • Bitcoin price has been trending higher on the short-term time frames, bouncing off the trend line support as predicted in the previous article.
  • From there, price went on to test the next resistance near $450 before showing signs of a pullback.
  • Using the Fibonacci retracement tool on the latest swing high and low shows the potential support areas in this latest corrective wave.

Bitcoin price is once again testing the rising trend line support and might be due for another bounce to its previous highs and beyond.

Nearby Support Zones

Bitcoin price already bounced off the 61.8% Fibonacci retracement level at $428.58 and appears ready to climb to the swing high at $447.94. However, buyers still seem hesitant and are still waiting for more bulls to join the fold.

For now, price is stalling at the 50% Fib at $432.15 and might need another quick test of the trend line, which lines up with the 100 SMA. Speaking of the moving averages, the short-term 100 SMA is still above the longer-term 200 SMA so the uptrend could carry on.

In addition, the moving averages are edging farther apart, reflecting a buildup in buying pressure. In that case, price could have enough momentum

Read more ... source: TheBitcoinNews