Bitcoin Price Technical Analysis for 04/20/2016 – Upside Breakout, Where to Next?
The 100 SMA is still above the longer-term 200 SMA, confirming that the path of least resistance is to the upside. The rising wedge pattern spans $400-420 so the resulting rally could last by $20 until $455-460, which is also around an area of interest and former support.
The top of the rising channel on the 4-hour chart is located around $470 so bitcoin price might need a lot of bullish pressure before reaching that level. For now, stochastic is almost in the overbought region, which suggests that buyers might need to take a break soon.
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Topic: [2016-04-20]Bitcoin Price Technical Analysis – Upside Breakout, Where to Next? (Read 203 times)
April 20, 2016, 02:24:25 PM
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