Bitcoin Hitting Resistance at 50-day SMA

10 Nov 2014

A nice price reversal from $315 is running into some resistance at $375 where it meets the 50-day SMA. The last time this happened was early October where the price fell almost 20% soon after. The fall this time should be smaller but for a nice Risk/Reward short play look for a pull back back to the $340-350 area with a stop loss set around today's high of day (so just under $380).

If we can break this moving average it would be a great sign but it might be too much ask after such a run up with only one down day. The momentum indicators at the bottom do look good so something to definitely keep an eye on

See full analysis in today CoinTelegraph article:
cointelegraph.com/news/112892/bitcoin-analysis-week-of-nov-9-intro-to-fibonacci

Good luck traders