Published On: Wed, Jul 13th, 2016

BTCUSD Technical Analysis – Buyers Waiting for a Pullback

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BTCUSD appears to have broken above a longer-term consolidation pattern but is now making a correction from the rally. Applying the Fib tool on the latest swing high and low on the 1-hour time frame shows the potential pullback levels.
The 61.8% Fibonacci retracement level is closest to the rising trend line connecting the recent lows of BTCUSD price action. In addition, this coincides with an area of interest or former resistance around $660. Also, the potential support zone is within the moving averages’ dynamic inflection points.
Speaking of moving averages, the 100 SMA is still below the longer-term 200 SMA so the path of least resistance might be to the downside. A break below the $650 area could confirm that sellers are taking control of price action.
RSI is heading south which means that selling pressure is in play. Stochastic is also on the move down so BTCUSD could follow suit. But if a bounce off the trend line and area of interest is seen, price could resume its climb to the swing high at $680 or much higher.
A new cloud of uncertainty appears to be looming over the financial markets these days, brought forth by data from China and the worsening …

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