Bitcoin Price Technical Analysis for 04/22/2016 – Upside Breakout Pullback?
Bitcoin price is on track for a longer-term climb but bulls might need a retracement to gather more steam. The 100 SMA is still above the longer-term 200 SMA, confirming that the path of least resistance is to the upside. Also, the 100 SMA lines up with the broken triangle resistance, which might hold as support moving forward. Applying the Fibonacci retracement tool on the latest swing high and low shows that the 61.8% level lines up with the 100 SMA and triangle resistance. A large pullback could last until that area but a shallow correction could find support at the 38.2% Fib or $435....
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