Bitcoin Price Technical Analysis for 04/08/2016 – Headed for Larger Channel Bottom?
Bitcoin price might be able to test the 4-hour channel bottom if the short-term support breaks down. Bitcoin price is currently stalling at the 100 SMA, which might hold as a dynamic support level. Speaking of moving averages, the 100 SMA is still above the longer-term 200 SMA so the path of least resistance is to the upside and the uptrend could resume at some point. Meanwhile, the 200 SMA lines up with the bottom of the 4-hour channel support and could also hold as the line in the sand for any rallies. A break below this area could set off a downtrend. RSI is treading sideways, barely....
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Bitcoin price found support at the bottom of its ascending channel and looks prime for another test of resistance. Bitcoin Price Key Highlights. Bitcoin price went for a test of the channel support as predicted in an earlier article and a bounce took place. This signals that price could be headed back to the channel resistance to carry on with its uptrend. A fresh round of risk aversion could keep bitcoin in demand but technical indicators are giving mixed signals. Technical Indicators Signals. The 100 SMA is above the 200 SMA so the path of least resistance is to the upside. This suggests....
Bitcoin price found support at the bottom of its ascending channel visible on the 4-hour time frame, but buying pressure seems weak. Bitcoin Price Technical Analysis. Bitcoin price halted its sharp drop yesterday, bouncing off the ascending channel support illustrated in the previous post. Buyers seem to be getting back in the game at that point, possibly yielding another climb back to the resistance at $780. Technical indicators are giving mixed signals for now so a breakdown might still be possible. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA so the path of....
Bitcoin price is resuming its climb after testing the bottom of the ascending channel visible on the 1-hour chart. Bitcoin Price Key Highlights. Bitcoin price continues to trend higher on its 1-hour time frame, moving on a sharper ascending channel than before. Price just bounced off the channel support and seems to be setting its sights on the resistance around $740-750. Technical indicators are suggesting that further gains are in the cards. Technical Indicators Signals. The 100 SMA is safely above the longer-term 200 SMA on this time frame, confirming that the path of least resistance....
Bitcoin price could be ready to test the bottom of the rising channel, which lines up with several inflection points. Bitcoin Price Key Highlights. Bitcoin price bounced off the bottom of its short-term ascending channel and climbed to the top. The channel resistance kept gains in check, putting bitcoin back on track towards testing support again. Technical indicators are showing that the uptrend could continue but that a pullback might be in the cards. Technical Indicators Signals. The 100 SMA is still above the 200 SMA so the path of least resistance is to the upside, which means that....
Bitcoin price has started a steady uptrend and might carry on, based on the new signals from technical indicators. The 100 SMA just crossed above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. However, the channel resistance appears to be holding so a pullback to these dynamic support areas near the bottom of the channel might take place. RSI is on its way down, indicating that bitcoin price bears are in control of price action for now. In that case, a quick drop to the channel bottom is indeed possible, as stochastic is also heading down from the....