Bitcoin Price Technical Analysis for 23/02/2016 – Bullish Pennant Forming?

Bitcoin Price Key Highlights

  • As mentioned in previous posts, bitcoin cost already pennyless next a tip of a long-term exquisite triangle pattern.
  • Buyers seem wavering to take cost any higher, though, as bitcoin is still consolidating around a triangle resistance.
  • Price pulled behind to a damaged insurgency progressing in a week and a miscarry appears to be in sight.

Bitcoin cost seems to be combining a bullish delay settlement following a upside mangle from a long-term triangle formation.

Technical Indicators Signals

Technical indicators seem to be ancillary a thought of serve rallies, as a 100 SMA only crossed above a longer-term 200 SMA. This suggests that a trail of slightest insurgency is to a upside, nonetheless these relocating averages are still in a center of oscillating for now so a range-bound function competence resume.

Stochastic is indicating up, confirming that buyers are in control of cost action. However, a oscillator is already impending a overbought levels so a lapse in offered vigour might be imminent. If so, a pierce behind inside a triangle could be seen, with bitcoin aiming for a bottom during $400.

In addition, RSI is on a pierce down, that means that bearish movement is in play, gripping bitcoin cost from violation past



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