The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside, which means that the rally is more likely to continue than to reverse. The gap between the moving averages is widening to reflect strengthening bullish momentum.
If this keeps up, bitcoin price could move up to the 38.2% extension past $7000 then to the 50% extension near the record highs and $8000 mark. The 61.8% extension is at $8642 then the 76.4% extension is at $9358. The full extension is all the way up to $10514.63.
Stochastic is just making its way out of the oversold region to reflect a return in bullish momentum. A bullish divergence can be seen as this oscillator made lower lows since mid-October while price had higher lows.
RSI has been on its way down but has turned back up to signal that bulls are eager to jump back in without even seeing oversold conditions. Both oscillators have plenty of room to climb so bitcoin price could follow suit…
Read Full: Bitcoin Price Technical Analysis for 11/15/2017 – New Record Highs in Sight? – NEWSBTC
