Bitcoin Price Technical Analysis for 05/16/2016 – On Track Towards Channel Resistance
Bitcoin price is still trending higher on its short-term time frames, moving inside an ascending channel on its 4-hour chart, but risk sentiment could trigger a breakout. Bitcoin Price Key Highlights. Bitcoin price is still trending higher on its short-term time frames, moving inside an ascending channel on its 4-hour chart. Price has bounced off the channel support and 100 SMA earlier on and is slowly making its way up to the top again. Sustained buying pressure could take bitcoin price back up to the channel resistance at the $465-470 levels, which line up with a longer-term ceiling.....
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Bitcoin price could be in for more volatility today as US traders return from their Fourth of July holiday. Bitcoin Price Key Highlights. Bitcoin price continues to trend higher, still inside its ascending channel pattern visible on the 1hour time frame. However, price seems to be stalling at an area of interest around the middle of the channel. If this holds as resistance, bitcoin price could be in for another test of support around $650. Technical Indicators Signals. The 100 SMA is still above the 200 SMA so the path of least resistance is to the upside. The 100 SMA lines up with the....
Bitcoin price could be ready for another bounce off the channel support as the bullish trend goes on. Bitcoin Price Key Highlights. Bitcoin price is still inside that ascending channel on its 1-hour time frame, bouncing off support as suggested in the earlier article. Price just got rejected on its test of the channel resistance once more, putting it back on track towards testing support. Technical indicators are suggesting that a pullback could take place but that the bullish trend could continue. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA so the path of....
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 could turn upon hitting the resistance at the top of the rising channel, possibly making its way towards support again. Technical indicators are giving mixed signals but it looks like the short-term uptrend might carry on. The 100 SMA is below the 200 SMA so the path of least resistance might be to the downside, signaling that the mid-channel area of interest could still keep gains in check. If so, bitcoin price could drop back to the channel support around $370-372. Stochastic is on the way up so there may be some buying pressure left enough to trigger a test of the....
Bitcoin price is hovering at the resistance of the short-term descending channel and could be in for a continuation or reversal. Bitcoin Price Key Highlights. Bitcoin price seems to be establishing a downtrend now that it’s forming a descending channel on its 1-hour time frame. Price is now testing the channel resistance, still deciding whether to make a bounce or a break. Technical indicators seem to be indicating that the selloff could resume but there are also potential arguments for a reversal. Technical Indicators Signals. The 100 SMA is below the longer-term 200 SMA so the path of....