The 100 SMA is above the 200 SMA on the 4-hour time frame so the path of least resistance might still be to the upside, generating more gains for bitcoin price. However, the gap between the moving averages is narrowing so a downward crossover could be seen later on, drawing more bears to the mix.
Stochastic is already on the move down from the overbought area, indicating that selling pressure is starting to kick in. RSI, on the other hand, is treading around middle ground.
A higher pullback could last until the moving averages just above $450 or all the way up to the broken triangle support at $455. If these areas hold as resistance, bitcoin price could revisit the recent lows at $436 or create new ones closer to $430.
http://www.newsbtc.com/2016/05/23/bitcoin-price-technical-analysis-05232016-pullback-broken-support/
Topic: [2016-05-23] Bitcoin Price Technical Analysis– Pullback to Broken Support? (Read 251 times)
May 22, 2016, 10:32:21 PM
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