Home / Bitcoin Price Predictions / Bitcoin Price Technical Analysis for 11/13/2017 – Deeper Correction Underway?
Bitcoin Price Technical Analysis for 11/13/2017 – Deeper Correction Underway?

Bitcoin Price Technical Analysis for 11/13/2017 – Deeper Correction Underway?

Bitcoin Price Key Highlights

  • Bitcoin provided off sharply since breaking beneath the double excessive pattern highlighted in a previous article.
  • Zooming out to the longer-term time frame reveals that bitcoin price continues to be in correction mode and is testing the first Fib stage.
  • This strains up with a short-term area of curiosity nevertheless a deeper correction would possibly uncover its approach to the rising sample line on the daily chart.

Bitcoin price is in the midst of a much-needed correction from its sturdy rally since mid-September nevertheless technical indicators counsel that the uptrend would possibly resume shortly.

Technical Indicators Signals

The 100 SMA continues to be above the longer-term 200 SMA on the daily time frame so the path of least resistance is to the upside, which means that the uptrend would resume in some unspecified time sooner or later.

In addition, the outlet between the shifting averages is widening to copy strengthening bullish momentum. The 100 SMA coincides with the rising sample line connecting the lows of bitcoin price movement since mid-July, together with to its vitality as a floor.

It moreover strains up with the 61.8% Fibonacci retracement stage throughout the $5000 take care of. To excessive it off, it is throughout the previous resistance stage that will now keep as assist, so a great deal of buy orders are seemingly prepared there.

Stochastic is on the switch down nevertheless dipping into oversold territory, which shows exhaustion amongst sellers. RSI has further room to fall, though, so bearish pressure would possibly hold in play until this oscillator hits oversold ranges and turns once more up.

If bullish pressure returns at any of the Fibs, bitcoin price would possibly resume its climb to the swing extreme and previous. On the other hand, a switch beneath the sample line and 61.8% Fib would possibly mark the start of a long-term reversal.

Market Factors

Bitcoin price popped better on data that the onerous fork this month is suspended, nevertheless this example is definite to return up as soon as extra finally, which means that the uncertainty has merely been postponed and by no means averted.

Meanwhile, the dollar might be beneath pressure on further challenges to reaching tax reform, nevertheless it absolutely seems to be like desire it is able to keep a candle in opposition to the massive profit-taking in bitcoin longs.

TRADE NOW :  Want to trade Bitcoin? Join Now!

Disclaimer: The knowledge contained herein simply is not assured, would not purport to be full and is strictly for knowledge features solely. It should not be regarded as funding/shopping for and promoting suggestion. All the information is believed to return from reliable sources. NewsBTC would not warrant the accuracy, correctness, or completeness of data in its analysis and because of this reality will not be going to be liable for any loss incurred.

<!–

Bitcoin Price Technical Analysis for 11/13/2017 – Deeper Correction Underway?

–>

Bitcoin Price Technical Analysis for 11/13/2017 – Deeper Correction Underway?

Check Also

XRP Price Rises to $0.56 Thanks to Slow and Steady Growth – The Merkle

XRP Price Rises to $0.56 Thanks to Slow and Steady Growth – The Merkle

After yesterday’s astronomic surge to new heights, it seems the XRP price is simply not …