Bitcoin Price Technical Analysis for 3/30/2016 – Testing Channel Support
The 100 SMA is still above the 200 SMA so the path of least resistance is to the upside, confirming that the channel support would hold. In addition, both RSI and stochastic are pointing up to show that bullish pressure is present.
Apart from that, the recent test of support led to the formation of a long-wicked candle, which means that buyers put up a strong fight to prevent the pair from falling further. A bit of consolidation took place soon after, which suggests that bulls and bears are still battling it out for now.
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Topic: [2016-03-30]Bitcoin Price Technical Analysis – Testing Channel Support (Read 279 times)
March 30, 2016, 02:40:22 PM
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