31 Jan '16, 6am

Bitcoin

Bitcoin

So, there is a chance that the 100-day simple moving average may act as a barrier for buyers if the price corrects higher during the upcoming week. We can safely say that on the downside, the highlighted trend line holds the key, and similarly on the upside, the 100-day simple moving average may play a major role. We need to keep an eye on both in order to get a feel for the next move. On the upside, a break above the 100-day simple moving average might take the price towards the 38.2% Fib retracement level of the last drop from the $470 high to $361 low. However, if there is a successful close above the 100-day MA, then it may be difficult for sellers to defend the upside move. In that situation, the price might head towards the 61.8% Fib retracement level of the last drop from the $470 high to $361 low.

Full article: http://www.newsbtc.com/2016/01/31/bitcoin-price-weekly-an...

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