FXHighway
Long

Bitcoin heads for more rise – Technical Analysis – 30-05-2016

BITSTAMP:BTCUSD   Bitcoin / Dollar
165 0 3
Target: 657.70
Risk: 459.30

Technical Reasons:

Bitcoin price continued its sharp rise to start testing 38.2% Fibonacci level for the decline measured from the historical top recorded at 1163.00 to 152.40, which forms key resistance barrier at 538.45, as breaching it represents the continue the bullish trend on the medium term basis, and the next target is located at 657.70.

The exponential moving averages 50 and 100 provide continuous positive support to the price, which supports the chances of continuing the rise in the coming period, which its continuation requires the price stability above 459.30.


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