Bitcoin Price Technical Analysis for 05/09/2016 – Bulls Making a Comeback?
Bitcoin price found support at a broken resistance level but indicators suggest that sellers still have a chance. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside and the rally could carry on up to $470 or higher. In addition, the 200 SMA held as dynamic support in the past so it might continue to keep losses in check from here. However, stochastic is indicating overbought conditions and is turning lower so bitcoin price could follow suit. This could take price down to the near-term support at $450 once more or until $440. Stronger selling....
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