Bitcoin Price Key Highlights
Bitcoin price came from a strong rally then moved sideways in a tight consolidation pattern, indicating that bulls are taking a break before regaining momentum.
Price is stuck inside a flag pattern for now and, given how the previous rally has been pretty strong and sustained, another break higher might be seen.
Bitcoin price could resume its climb once it is able to break above the bullish flag pattern on its short-term time frame.
Where To Next?
At the moment, the $400 major psychological resistance holding really well, as several take-profit orders were probably triggered there. However, bulls are pushing higher, as bitcoin price has made higher lows.
If the resistance gives way, bitcoin price could have around $40 in gains to go, as this is the same height as the previous surge. However, a downside break could trigger a pullback to the moving averages.
http://www.newsbtc.com/2015/12/09/bitcoin-price-technical-analysis-for-9122015-bullish-flag-pattern/
Topic: [2015-12-09] Bitcoin Price Technical Analysis – Bullish Flag Pattern? (Read 280 times)
December 09, 2015, 01:42:57 AM
Jump to: