Bitcoin Price Key Highlights
As predicted in an earlier article, bitcoin price was hit by profit-taking during the FOMC statement, as the US central bank decided to hike interest rates for the first time in nearly a decade.
Price is now testing the rising trend line visible on the 1-hour and 4-hour time frames and may be due for a bounce.
Reversal Pattern?
The 100 SMA is still above the longer-term 200 SMA, which means that the path of least resistance is to the upside. However, a downward crossover is looming so a reversal could also be possible if that happens.
In addition, a complex double top pattern may be forming since price failed in its last couple of attempts to break past the $460 resistance. The neckline of the chart pattern is located at $400 and a break below this level could set off a longer-term reversal.
http://www.newsbtc.com/2015/12/21/bitcoin-price-technical-analysis-for-21122015-post-fomc-correction-over/
Topic: [2015-12-21]newsbtc: Bitcoin Price Technical Analysis–Post-FOMC Correction Over? (Read 234 times)
December 21, 2015, 10:38:31 AM
Jump to: