Bitcoin breaches positive formation resistance – Technical Analysis – 13-11-2015

Bitcoin price managed to rise on the intraday and short term basis, to succeed breaching a positive pattern that was formed recently, this pattern is the falling wedge, attempting to face the last obstacle represented by the moving average 50, noticing that the relative strength indexes area reaching clear overbought areas, besides negative divergence formed on stochastic now, to put the upcoming trading in unclear situation.

We expect the price to rise in the coming period, conditioned by confirming breaching 353.26 resistance and closing above it, to target 452.73 resistance as a main target of the formed falling wedge pattern.