Bitcoin Price Technical Analysis for 05/31/2016 – Bullish Continuation Pattern?
Bitcoin price is pausing from its recent sharp climb, an indication that bulls are waiting for more signals to head higher.
Bitcoin Price Key Highlights
Bitcoin price made a sharp upside breakout from its long-term consolidation pattern, signaling that further gains are in the cards. Price is consolidating above the $565 level for now while bulls are trying to gather more steam. A correction or a continuation from the bullish run could take place from here. Bitcoin price is pausing from its recent sharp climb, an indication that bulls are waiting for more signals to head higher.
Technical Indicators Signals
The 100 SMA is above the 200 SMA so the path of least resistance is still to the upside. The gap between the moving averages is widening so bulls are gaining more energy. For now, there are enough buyers located around the $565 level which is currently holding as near-term support.
This post was published at NewsBTC on 5:17 am May 31, 201.