I like to just call it the 420 factor but it is the technical resistance area that happens to be in that range until $460 USD or so breaking past $500 after a period of consolidation and retreading will build a good support to prop the price for the next rally.
Haven't checked in a while but we did have a brief golden cross on some exchanges so moving 180 D and 30 D are going up as well.
--
Stochastic is on the move up, confirming that buyers are taking control of bitcoin price action and have enough energy to push for gains once more. Similarly, RSI is also heading out of the oversold area and might be on its way north as well.
--
In other words today will be a fine day.
Topic: [2015-11-05] Bitcoin Price Technical Analysis – Correction from $500… Called It! (Read 308 times)
November 05, 2015, 04:12:47 AM
November 05, 2015, 03:59:30 AM
This was what I was waiting for. It's impossible to see the price only go up and up without seeing the price go down significantly. People who want to sell can sell now and make the road free after a week or few weeks to continue where we left.
November 05, 2015, 03:31:41 AM
Bitcoin Price Key Highlights
Bitcoin price finally made the much-needed correction from its stellar rally, retreating upon hitting the $500 area as predicted in an earlier article.
Price seems to have already found support at the 61.8% Fibonacci retracement level based on the swing low and high on the 1-hour time frame.
Bitcoin price might be ready to resume its climb from here, potentially heading back up to the previous highs and beyond.
Indicators Support Another Bounce
Technical indicators are suggesting that the bull run could carry on, with the 100 SMA safely above the longer-term 200 SMA. In addition, the short-term moving average successfully held as a dynamic support level, as bitcoin price promptly bounced after testing it as well.
http://www.newsbtc.com/2015/11/05/bitcoin-price-technical-analysis-correction-500-called/
Bitcoin price finally made the much-needed correction from its stellar rally, retreating upon hitting the $500 area as predicted in an earlier article.
Price seems to have already found support at the 61.8% Fibonacci retracement level based on the swing low and high on the 1-hour time frame.
Bitcoin price might be ready to resume its climb from here, potentially heading back up to the previous highs and beyond.
Indicators Support Another Bounce
Technical indicators are suggesting that the bull run could carry on, with the 100 SMA safely above the longer-term 200 SMA. In addition, the short-term moving average successfully held as a dynamic support level, as bitcoin price promptly bounced after testing it as well.
Jump to: