Published On: Mon, Jul 18th, 2016

BTCUSD Price Technical Analysis – Bullish Continuation Signal!

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BTCUSD was previously trading inside a symmetrical triangle consolidation pattern before bulls took over and pushed for an upside break. Buying pressure still seems to be in play as a bullish flag can be seen after the breakout.
A candle closing above the $685 area could be enough to confirm that buyers are still in control, likely pushing price back to the highs closer to $775. On the other hand, a return in bearish momentum could lead to a pullback to the broken triangle resistance at $665.
RSI is starting to turn lower, indicating that buyers are feeling exhausted. Stochastic is also already in the overbought region, so sellers could take over. On the other hand, the 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. These moving averages could hold as dynamic support levels in the event of a pullback.
Data from the US economy came in mostly stronger than expected last Friday so there’s still some demand for the Greenback. However, tensions in Europe came into play and the uncertainty encouraged traders to seek returns from alternative assets such as bitcoin.
Up ahead, there are plenty of top-tier releases for the week …

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  1. Tim Spencer Tim Spencer says:

    RT @ABITCOINnews: BTCUSD Price Technical Analysis – Bullish Continuation Signal! –

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