Bitcoin prepares to attack key resistance – Technical Analysis – 16-10-2015

Bitcoin price continued to rise recently as expected, as it gets benefit of the positive support of the moving average 50, while moving along with the short term bullish trend line, besides the continuous positive signals that come from stochastic, approaching from the key resistance at 258.06, which represents 38.2% Fibonacci level for the medium term bearish wave measured from 317.99 to 198.12, preparing to attack it.

Therefore, we expect more rise for the coming trading, conditioned by confirming breaching 258.06 level, to target the next correctional level at 272.20, with good chances of attempting to retrace and gain some profits to gather intraday positive momentum, thus, we prefer waiting the breach to confirm entering the markets.