Bitcoin Price Technical Analysis for 05/02/2016 – Taking a Quick Break
Bitcoin price could be due for a test of the short-term resistance but additional volatility could trigger a breakout in either direction. The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. This means that a downside break from the consolidation pattern could be seen, taking bitcoin price on a longer-term selloff if a long red candle forms below $450. In addition, stochastic is heading down from the overbought area so price might follow suit if bearish momentum continues to pick up. RSI is on middle ground but appears to be turning lower to....
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