Bitcoin Price update 5/3/2018
Price just bounced off support and is halfway through the channel, setting its sights on the resistance close to $12,000.
The 100 SMA is above the longer-term 200 SMA to show that the path of least resistance is to the upside.
The 100 SMA lines up with the channel support to add to its strength as a floor.
RSI has a bit more room to climb so bitcoin price could still head north to the top of the channel before bearish pressure returns.
Bitcoin price is edging higher steadily inside an ascending channel formation. US reports could take center stage this week and impact BTCUSD price action as the February NFP is due on Friday. Bitcoin is a bit shaky on reports of increased SEC oversight.
Technical indicators are signaling potential profit-taking soon.
DISCLAIMERS:
This #articleshould not be taken as, and is not intended to provide, #investment #advice. Please conduct your own thorough research before #investing in any #cryptocurrency.
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