BTCUSD price recently made an upside break from a symmetrical triangle pattern on the 4-hour chart, indicating its intention to go further north. However, buyers seem to have lost steam and might need a quick pullback before establishing a stronger uptrend.
Using the Fib tool on the latest swing low and high shows that the 50% level lines up with the broken triangle resistance around $410. A larger pullback to the 61.8% Fib at the $400 level might be possible, although price already seems to be drawing support at the 38.2% level at the moment.
Stochastic is already near the oversold area and turning higher could draw more buyers to the mix. RSI is still on the way down but is also nearing the oversold levels. The 100 SMA recently crossed above the longer-term 200 SMA to indicate that the path of least resistance is to the upside and that further gains are likely.
http://www.forexminute.com/btcusd-price-technical-analysis-triangle-breakout-and-pullback/
Topic: [2016-02-22] BTCUSD Price Technical Analysis – Triangle Breakout and Pullback (Read 249 times)
February 24, 2016, 01:59:14 AM
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