Bitcoin signals: Bitcoin is over bought, corrections are expected

Bitcoin has reached overbought price in the last sessions, broke the triangle figure upwards and the rise already fulfilled the size of the base of the triangle, reason why price corrections are expected. You can send your rewards tailor-made to the following portfolio: 38t1KezSyYgV7ArxHcW9zUgcGeCKRAY3Le

In both the daily and weekly charts and the monthly chart, the currency is heavily overbought

Bitcoin has reached all-time highs, a strong rise over the last two weeks, the demand for the currency is due to expect new Federal Reserve rates and approval of ETF investment fund by the SEC, next 11 Of March, that would help to capture much more money in favor of the digital currency. However Bitcoin is in overbought areas, very expensive, it is not offering opportunities for tickets for purchases. It came out of the triangle figure in which it was moving, with a strong rise, however and as the climb has reached the point of stabilization and profit taking, so we could see important cuts or corrections in the coming days. In both the daily and weekly charts and the monthly chart, the currency is heavily overbought and you could expect setbacks of up to $ 915, excellent price for long entries again and expect the trend to continue, as marked by the Elliot Waves in the Monthly graphs, that is in the long term. Cutbacks could range as much as $ 880. According to Fibonacci setbacks, a profit-taking cut of $ 1,014.79 with the 23.6% indicator will match the short-term moving average in the weekly charts, but a strong cut indicates that the Fibonacci index, 38.2% in the weekly chart, coincides with a strong support at 863.50 dollars, so that in coming sessions, below 1,000 dollars Bitcoin will be giving new opportunities to enter bullish, although Prices have been rising, buying volumes do not accompany the rise, producing a corrective bearish divergence to manifest in few sessions. Forecast price of EnEfectivo to enter longs: 960 to 990 dollars.

Prices are referenced with the BTC-e platform

Date of forecast: March 5, 2017