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

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Bitcoin Price Key Highlights

  • Bitcoin cost has been trending aloft on a short-term time frames, bouncing off a trend line support as likely in a prior article.
  • From there, cost went on to exam a subsequent insurgency nearby $450 before display signs of a pullback.
  • Using a Fibonacci retracement apparatus on a latest pitch high and low shows a intensity support areas in this latest visual wave.

Bitcoin cost is once again contrast a rising trend line support and competence be due for another rebound to a prior highs and beyond.

Nearby Support Zones

Bitcoin cost already bounced off a 61.8% Fibonacci retracement turn during $428.58 and appears prepared to stand to a pitch high during $447.94. However, buyers still seem wavering and are still watchful for some-more bulls to join a fold.

For now, cost is stalling during a 50% Fib during $432.15 and competence need another discerning exam of a trend line, that lines adult with a 100 SMA. Speaking of a relocating averages, a short-term 100 SMA is still above a longer-term 200 SMA so a uptrend could lift on.

In addition, a relocating averages are circumference over apart, reflecting a buildup in shopping pressure. In that case, cost could have adequate momentum


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