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3/11/2016 4:26:56 AM

Bitcoin readies to attack an important resistance - Technical Analysis - 11-03-2016



Bitcoin kept muscling higher in the short term against the dollar, settling above the support of 398, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the medium term (from 502 to 294), with ongoing positive pressure from the SMA for the last 50 days period, and the overall guidance of the main upward trend in the medium term along the trend line as shown in the attached chart, with an influx of positive signals from relative power indicators.

Therefore we expect more gains to come for the virtual currency, targeting the resistance of 422.54, representing the ratio 61.8% of the same retracement levels mentioned earlier, and in case of breaching that level, it'd open the way from more gains, targeting the next resistance at 452.91, representing the ratio 76.4%.


Target
Risk


Support
Resistance


Trend Bullish

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