Topic: [2015-12-24] Bitcoin Price Technical Analysis – Target Achieved (Read 311 times)
Hold above $500 and we could be in for an interesting 2016
December 24, 2015, 08:02:25 AM
So, should you be booking profits now? Let us find that out with the help of technical analysis conducted on a 4-h BTC-USD price chart taken from BITSTAMP.
Chart Structure – Bitcoin is now threatening to take out the Triple Top resistance near $465. The resurgent bulls look in complete control of the situation.
Bollinger Bands – The cryptocurrency is sustaining above the upper range of the BB, after taking support from the 20 4-h simple moving average of $440.
Momentum – The Momentum reading is showing signs of further appreciation; it is currently at 19.3400.
Money Flow Index – One aspect that should concern the market participants is the near-overbought reading of the 14 4-h MFI. The current value of 75.7213 is in close range to the overbought level of 80.
Relative Strength Index – The RSI has advanced to 63.4688, reflecting the improving strength scenario.
http://www.newsbtc.com/2015/12/24/bitcoin-price-technical-analysis-for-24122015-target-achieved/
Chart Structure – Bitcoin is now threatening to take out the Triple Top resistance near $465. The resurgent bulls look in complete control of the situation.
Bollinger Bands – The cryptocurrency is sustaining above the upper range of the BB, after taking support from the 20 4-h simple moving average of $440.
Momentum – The Momentum reading is showing signs of further appreciation; it is currently at 19.3400.
Money Flow Index – One aspect that should concern the market participants is the near-overbought reading of the 14 4-h MFI. The current value of 75.7213 is in close range to the overbought level of 80.
Relative Strength Index – The RSI has advanced to 63.4688, reflecting the improving strength scenario.
http://www.newsbtc.com/2015/12/24/bitcoin-price-technical-analysis-for-24122015-target-achieved/
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