BTCUSD made an upside break from a symmetrical triangle resistance on the 4-hour time frame but has pulled back to that area. Using the Fib tool on the breakout move reveals that this lines up with the 50% level and applying the extension tool shows the next potential resistance areas.
Stochastic is on the move up so further gains are possible. RSI is also pointing higher so price might follow suit. Also, the 100 SMA crossed above the 200 SMA to confirm that BTCUSD has enough bullish momentum going on.
With that, price could move back to its previous highs around $445 or until the next psychological resistance at $450. The 76.4% Fib is located at $465, which also coincides with a longer-term ceiling.
http://www.forexminute.com/btcusd-price-technical-analysis-resistance-turned-support/
Topic: [2016-02-26]BTCUSD Price Technical Analysis–Resistance Turned Support (Read 251 times)
February 25, 2016, 10:33:33 PM
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