Bitcoin Price Key Highlights
- Bitcoin price recently made a large correction as expected and bounced off the rising trend line illustrated earlier.
- Applying the Fib extension tool shows the levels that price could reach if it does resume the climb.
- There are a few signs that bulls might be losing traction from here, but this still hinges mostly on market events.
Bitcoin price bounced off the support area as it made a pullback from its recent rally, indicating that buyers are getting back in the game.
Technical Indicators Signals
The 100 SMA is above the longer-term 200 SMA so the path of least resistance is still to the upside. In other words, the rally is more likely to carry on than to reverse. Also, the gap between the moving averages is growing to reflect increasing bullish pressure.
Using the Fib extension tool on the latest pullback move indicates that bitcoin price could head up to the 76.4% level next at the latest swing high. A full extension of the move could last close to the $2000 major psychological barrier, but price seems to be finding resistance at the 50% level at the moment.
RSI has been on the move up recently but is now turning lower to
Read more ... source: NewsBTC USA
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