ETHXBT is still trading inside a symmetrical triangle pattern on its 4-hour time frame and has just bounced off support. This could put price on track to testing the triangle resistance at the 0.03000 handle.
However, the 100 SMA is below the 200 SMA so the path of least resistance might be to the downside. Stochastic is on the move up to indicate that buyers are in control of price action for now, but the oscillator is almost in the overbought zone. Similarly RSI is heading north so ETHXBT could follow suit but sellers could return once the oscillator turns down from the overbought level.
If so, ETHXBT could break below the triangle support at 0.02500 and trigger a longer-term drop in price. The next visible support is located at 0.02000. On the other hand, strong bullish momentum might lead to a test and break past the triangle resistance.
http://www.forexminute.com/ethxbt-price-technical-analysis-bulls-are-back/
Topic: [2016-06-14] ETHXBT Price Technical Analysis – Bulls Are Back! (Read 229 times)
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