Bitcoin Price Technical Analysis: Possible Selloff Looming

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Stochastic has been on the move up after a straight drop suggesting buyers are trying to get a hold, so bitcoin price might follow suit.

On the other hand if bullish momentum returns, bitcoin price could still climb back inside the channel and resume its move up to the resistance around $4500. But if bearish pressure kicks in, a drop below the 200 SMA dynamic inflection point could confirm that a longer-term drop is taking place.

Market Factors

Dollar demand is increasing thanks to a strong showing from leading jobs indicators, which could set the tone for an upside NFP surprise. In that case, Fed December hike expectations could increase and lead to more gains for the currency.

Still, bitcoin price has plenty of factors on its side, one of which is persistent geopolitical risks, this time stemming from the European region. Apart from that, the increase in bitcoin core nodes by 30% in the past three months signaled strong support for this version of the software and continued to ease incompatibility concerns over the hard fork.

Some analysts predict that bitcoin price could reach $6000 this year, although additional volatility could be seen before that happens. Another hard fork could take place if members of the bitcoin community reject SegWit2x.

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. Altcoin Today does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Source: NewsBTC

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