Mid term Technical Analysis of BTCUSD

BITSTAMP:BTCUSD   Bitcoin / Dollar

In the daily chart , the market has rallied considerably from 217.26 in June to 317.50 in July and now is in a state of correction for the move. The region between 250-255 has daily 100 and 200 SMA’s and it also backed by 34 SMA and Middle Bollinger band from weekly chart, hence it can be regarded as Zone of Heavy Support. A crucial aspect which might indicate a trend reversal would be the ‘Golden Crossover’ of 100 and 200 SMA’s in July. The last time a 100-200 SMA crossover happened, the market continuously traded below the two SMA’s resulting in a completely bearish trend which was supported by fundamentals, Now that market is trading above the crossover, this might be the onset of the trend. Though the MACD is showing a bearish signal owing to the short term fundamental affects, RSI has been approaching the oversold region. In the medium term, it appears that 255 could be tested before the anticipated bullish move. If the market finds support around 255, on drawing a Fibonacci extension from the swing low to the high and the base, the corresponding extension levels 320.57,334.70 and 357.56 might be the possible targets for the move.

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