Bitcoin Price Technical Analysis for 09/06/2016 – Potential Pullback Levels

Bitcoin price could be due for more declines after making a downside break of consolidation and forming a reversal pattern. Technical indicators are suggesting a potential bounce for now, with the 100 SMA above the 200 SMA and oscillators moving out of the oversold levels. Both RSI and stochastic are also showing slight bullish divergences, hinting that buyers could come back in the game and trigger a pullback or rally for bitcoin price. A pullback could lead to a test of the broken triangle support near $430 and the moving averages, which might hold as dynamic inflection points. A larger....

Bitcoin price has shown strong upside momentum over the past few weeks and might be eyeing a test of these next ceilings. Bitcoin Price Key Highlights. Bitcoin price made another break higher over the weekend, indicating strong bullish momentum. Price is now testing another long-term area of interest around $700, at which either profit-taking or another upside breakout might be seen. Technical indicators are hinting that the rallies could pause but it would be helpful to look at the next potential resistance levels. Technical Indicators Signals. The 100 SMA is above the 200 SMA for now so....

Bitcoin price looks ready to make a correction from its recent rally, giving buyers a chance to hop in the uptrend at better levels. Bitcoin Price Key Highlights. Bitcoin price recently made a strong rally but it looks like bulls are booking profits. This could offer a nice opportunity to enter on a short-term correction from the sharp climb. Using the Fibonacci retracement tool on the latest swing low and high on the 1-hour time frame shows potential entry points. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside.....

Bitcoin price could draw support from the short-term rising trend line connecting the recent lows of price action before resuming its climb. Applying the Fibonacci retracement levels on the latest swing low and high shows that the 38.2% level is close to the trend line around the $413 area. A larger pullback could last until the 50% Fib at $410 or the 61.8% Fib at $405. The 100 SMA lines up with the rising trend line and this might add to its strength as a potential support zone. In addition, this short-term MA is above the longer-term 200 SMA, confirming that the path of least resistance....

Bitcoin price has shown strong bullish momentum with its triangle breakout but buyers might be waiting to enter at better levels on a pullback. The 38.2% Fibonacci retracement level appears to have held as near-term support with that quick bounce, but a larger correction to the lower Fib levels is still a possibility. The 50% level is around $390, which is also a psychological support area while the 61.8% Fib is close to the dynamic inflection points at the moving averages. An even larger pullback could last until the broken triangle resistance near $370 and just slightly below the 100....