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1/8/2016 3:36:22 AM

BTC/USD attacks an important resistance. - Technical Analysis. - 08-01-2016



The main upward trend dominates Bitcoin's movements in the medium and short terms, with the virtual currency touching the important resistance of 463.70, readying to attack it and perhaps breach it, with the help of the positive pressure of the simple moving average for the last 50 days period, and an influx of positive signals from relative power indicators like the Stochastic as shown below the attached chart.

Therefore we expect BTC/USD to rise in the next short-term trading, as long as it succeeds in breaching the resistance of 463.70 so it confirms the upward rally, targeting directly after that the crucial resistance of 502.00.


Target
Risk


Support
Resistance


Trend Bullish

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