Bitcoin Price Technical Analysis for 06/08/2016 – Rising Channel or Double Top?
Bitcoin price is at a crossroads, with traders still deciding whether to keep up the uptrend or to start a long-term selloff. Bitcoin Price Key Highlights. Bitcoin price has been trending higher recently, signaling that bulls are trying to push past the latest highs at $600. An ascending channel can be drawn to connect the highs and lows since the start of the month and bitcoin price is testing support. A bounce could lead to another test of $600 but a break lower could complete a longer-term reversal pattern. Technical Indicators Signals. The 100 SMA is above the 200 SMA and is around the....
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Bitcoin price could be in for more gains from here as buyers popped up when it tested the rising channel support. Bitcoin Price Key Highlights. Bitcoin price made a sharp breakdown from its short-term consolidation last Friday. Price seemed poised for more losses until it hit the bottom of the rising channel on the 4-hour time frame and made a quick bounce. Bitcoin could resume its climb from here, provided the channel support continues to keep losses in check. Technical Indicators Signals. The 100 SMA is still above the longer-term 200 SMA on the 4-hour chart, indicating that the path of....
Bitcoin price is sustaining its climb but there are technical signals hinting at a possible selloff. Bitcoin Price Key Highlights. Bitcoin price is still trending higher, moving inside an ascending channel pattern on its 1-hour chart. Price is cruising around the mid-channel area of interest, as buyers and sellers are likely waiting for more directional market clues. Technical indicators seem to be suggesting that a reversal is imminent, though. Technical Indicators Signals. The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. Also, the gap....
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 has given way to dollar strength after the FOMC statement but could be ready to resume its climb. Bitcoin Price Key Highlights. Bitcoin price seems to be forming a new short-term rising channel visible on the 1-hour chart. Price was weighed down by dollar strength after the FOMC sounded more hawkish than expected in its latest statement. Bitcoin price still looks intent to carry on with its climb as technical indicators hint that a bounce is due. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. In....
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....