Bitcoin Price Technical Analysis for 05/10/2016 – Uptrend Channel Forming
Bitcoin price is trending higher but might be due for a quick drop to the bottom of its short-term uptrend channel. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is still to the upside. The gap between the moving averages is widening so bullish momentum is strengthening. However, stochastic is on the move down so bitcoin price could follow suit, supporting the idea that a test of the channel support at $450 is possible. Similarly, RSI is pointing down and making its way out of the overbought area to show that profit-taking off the recent rallies is in play.....
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Bitcoin price could be due for a bounce off this support zone and technical indicators appear to be in agreement. Bitcoin Price Key Highlights. Bitcoin price underwent additional volatility and sold off yesterday but it appears to be testing another support area. Price is forming an ascending channel pattern on its 1-hour time frame and might be due for a bounce towards the resistance. Technical indicators are also suggesting that buyers could regain control. Technical Indicators Signals. The 100 SMA is crossing above the longer-term 200 SMA to confirm that the uptrend could carry on. In....
Bitcoin price could be due for a test of the channel support once more, with technical indicators confirming a potential bounce. Bitcoin Price Key Highlights. Bitcoin price is still inside its ascending channel pattern after getting rejected on its attempt to break past the resistance. Price could be headed for the channel support for another bounce higher. Technical indicators suggest that the uptrend could carry on. Technical Indicators Signals. The 100 SMA lines up with the channel support around $665, adding to its strength as a potential floor. In addition, the 100 SMA is safely above....
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 is trading inside an ascending channel pattern and might be due for a breakout soon. Bitcoin Price Key Highlights. Bitcoin price is trending higher once more, forming higher lows and higher highs inside an ascending channel pattern on the 1-hour chart. Price is currently testing the channel resistance and might be due for a slide back to support. Volatility has picked up again recently so stronger moves and potential breakouts could be seen. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA on this time frame, signaling that the path of least....
Litecoin Price Key Highlights. Litecoin price has been gradually trending higher against the U. S. dollar, mostly due to the latter's selloff in recent trading sessions. Price is currently testing the bottom of the ascending channel visible on its short-term time frame and might be due for a bounce. Litecoin price is on a steady uptrend these days and could be in for a much stronger bounce, as it is testing the rising channel support. Bullish divergence forming. Litecoin price has been forming higher lows while technical indicators drew lower lows, creating bullish divergence for both RSI....