bitcoin analysis
Dear steemti if you put SMA indicator in bitcoin chart put value 100 and 200 SMA. If The 100 SMA has crossed below the longer-term 200 SMA to show that the path of least resistance is to the downside, which means that the selloff is more likely to resume than to reverse. In addition, the 200 SMA dynamic resistance lines up with the 61.8% Fibonacci retracement level at $4200, which could be the line in the sand for a correction. A break past that level could put bitcoin price back on track towards testing its record highs around $5000.
Stochastic is still on the move down so bitcoin price might follow suit until the swing low around $2950. Stronger selling pressure could lead to a break below this area of interest.
RSI hasn’t quite reached the overbought zone yet so there may be some bullish momentum left, but the oscillator also appears ready to turn lower to indicate a return in selling pressure.
Very nice analysis, I recently published a post detailing why I think bitcoin will be in a bear market in Q4/2017, feel free to give me your thoughts
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