Bitcoin Price Technical Analysis for 04/07/2016 – Ready to Test Support
Bitcoin price is gearing up to test the channel support near $417-420 and might be due for another bounce. The 100 SMA is safely above the longer-term 200 SMA so the path of least resistance is to the upside. This confirms that a bounce off support is likely to take place, as this area also coincides with the 200 SMA dynamic inflection point. However, stochastic is on the move down, indicating that bitcoin price might follow suit. RSI is moving sideways so consolidation could be in play. Still, a strong return in buying pressure could lead to another test of the resistance around $425 or....
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