Bitcoin Price Technical Analysis for 04/06/2017 – Next Target at $1225?

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Bitcoin Price Key Highlights

  • Bitcoin price is still on a climb and is now moving closer to the next major resistance around $1225.
  • If the range resistance holds and traders book profits at this area, another drop to support at $900 could be seen.
  • Technical indicators are giving mixed signals at the moment.

Bitcoin price is moving close to the top of its range and could be due for a bounce if bulls book profits.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. In addition, the 100 SMA recently held as near-term support while the 200 SMA is close to the bottom of the range, adding to its strength as a floor in the event of a drop. The gap between the moving averages is getting wider to indicate stronger buying pressure.

However, stochastic is already indicating overbought conditions and could be due to turn lower, which could draw more sellers to the game. RSI is on the move up so there’s some bullish momentum left to take bitcoin price up to the range resistance.

Market Events

Dollar demand dipped again in recent trading sessions as the

Read more ... source: NewsBTC USA

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