Bitcoin Price Technical Analysis for 30/11/2015 – Bulls Gaining Traction

Bitcoin Price Key Highlights

  • Following an upside break from its triangle consolidation pattern last week, bitcoin price made a sustained climb to an area of interest.
  • A bullish flag pattern formed right on the support-turned-resistance area and now bitcoin price has broken through that ceiling again.

Bitcoin price could be eyeing more gains from here, as the upside flag breakout reflected stronger bullish momentum.

Where to Next?

Bitcoin price might have its sights set on this month’s highs near the $500 mark, as the average directional index is showing trending market conditions. The indicator has awoken from its slumber below the 50.0 level to climb higher, showing that the period of consolidation is over.

For now, the 100 SMA is below the 200 SMA so there’s a chance that the selloff might resume at some points. If the moving averages do make an upward crossover, bitcoin price gain more upside pressure.

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Note that the mast of the bullish flag pattern spanned from $320 to $350 so the resulting upside breakout could last until $380 or beyond. Stochastic

Read more ... source: TheBitcoinNews

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