Bitcoin Price Key Highlights
Bitcoin price has recently made an upside breakout from consolidation and a rally above an area of interest, but it looks like buyers are losing steam.
A pullback to the area of interest might be necessary before the rally regains ground.
Bitcoin price could make a correction to the Fibonacci retracement levels marked on the 4-hour time frame before resuming its climb.
Resistance Turned Support
The Fib levels based on the latest swing low and high show that the 50% level lines up with the broken resistance at $350. This could hold as support from now on since it’s also near the 200 SMA dynamic inflection point. A larger correction could last until the 61.8% Fib near the 100 SMA.
Speaking of moving averages, the 100 SMA is still below the 200 SMA so the path of least resistance might be to the downside. If so, a break below the lowest Fibonacci retracement level around $340 could be enough confirm that further losses are likely.
In that case, bitcoin price could retreat to the next visible support area at $300-310. A break below this level could signal that a longer-term selloff is underway.
http://www.newsbtc.com/2015/11/30/bitcoin-price-technical-analysis-for-1122015-waiting-for-a-pullback/
Topic: [2015-12-1]Bitcoin Price Technical Analysis for 1/12/2015–Waiting for a Pullback (Read 397 times)
November 30, 2015, 08:48:10 PM
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