Bitcoin Price Technical Analysis for 04/04/2018 – Triangle Support Holding!

Bitcoin Price Key Highlights

  • Bitcoin worth has fashioned decrease highs and located assist round $6500 to $7000 to create a descending triangle sample.
  • Price is bouncing off assist and is likely to be due for a transfer again as much as the resistance round $9000.
  • Technical indicators, nonetheless, are signaling breakdown is likely to be due.

Bitcoin worth is buying and selling inside a descending triangle and testing assist, nonetheless deciding whether or not to go for a bounce or a break.

Technical Indicators Indicators

The 100 SMA is under the longer-term 200 SMA to sign that the trail of least resistance is to the draw back. This implies that the selloff is extra more likely to resume than to reverse. Additionally, the shifting averages might maintain as near-term resistance ranges within the occasion of a pullback.

Stochastic is already indicating overbought circumstances and may very well be as a consequence of transfer again down. This is able to…

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