Bitcoin Weekly Price Technical Analysis – Overbought, Time For A Correction?

Bitcoin Watch Shop

Now during $441, bitcoin is tighten to induction a top weekly shutting of 2015. As a cryptocurrency stays in a clever hold of a bulls, speculators are formulating even some-more bullish positions. But have they pushed bitcoin in a risk zone? Is a improvement in a offing? Let us try to envision that by conducting a technical research on a weekly BTC-USD cost draft taken from a BITSTAMP exchange.

bitcoin cost chartbitcoin cost chart

Image

Bitcoin Chart Structure – As can be seen from a draft above, bitcoin is trade in a clever higher-top, higher-bottom structure. The cryptocurrency has breached a insurgency trendline joining a prior dual peaks of 2015, and has retested it, stamping it as a clever support, and headed higher.

But, a matter of regard is a consistently prosaic volume. This presents a probability that usually a singular series of participants are pulling a cost aloft and bitcoin is struggling to attract new investment dollars.

Bollinger Bands – The cryptocurrency is now trade above a top operation of a BB, that is an denote of overbought condition. This also signals that a annulment may


Read more ... source:

Advertise on the Bitcoin News

Do you like The Bitcoin News ? Thank you for Support us !
BTC: 1FVCSiK2ErerjH1kBP4VLS5LqR3YzmVeXf
ETH: 0xa829E61Cc130b4f02fbfc9D7763361a550C7f824