Bitcoin Price Technical Analysis for 07/28/2016 – Bounce or Break?
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....
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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 is sitting at the bottom of the long-term ascending triangle, still deciding whether to make a bounce or a break. RSI and moving averages are hinting at a break while stochastic is suggesting a bounce. To figure out where bitcoin price could be headed next, let’s turn to the technical indicators. The moving averages are showing a downward crossover at the moment, with the shorter-term 100 SMA below the longer-term 200 SMA. This indicates that the path of least resistance might be to the downside, favoring further losses. If a break below the triangle support is seen, bitcoin....
Bitcoin price could be due for a triangle breakout this week as there are top-tier catalysts on deck. Bitcoin Price Key Highlights. Bitcoin price is still stuck inside its symmetrical triangle consolidation pattern on the 4-hour time frame. Price is hovering close to the support around $450 for now, still deciding whether to make a bounce or break. A bounce could lead to a test of resistance at $455 while a breakdown could trigger a longer-term downtrend for bitcoin. Technical Indicators Signals. The 100 SMA is above the 200 SMA on the 4-hour time frame so a bounce seems more likely.....
Bitcoin price might be aiming for a bounce off the nearby support zone, although a downside break is also possible. Bitcoin Price Key Highlights. Bitcoin price has been unable to establish a clear direction in the past few days as traders seem to be waiting for the top-tier catalysts. On the shorter-term time frames, it can be seen that bitcoin price seems to be heading close to the support at $605. A small reversal pattern can be seen so a bounce might be due but technical indicators are hinting otherwise. Technical Indicators Signals. The 100 SMA is crossing below the longer-term 200 SMA....
Bitcoin price is still deciding whether to bounce from or break above the descending trend line, depending on how U.S. data turns out. Bitcoin Price Key Highlights. Bitcoin price is still in a downtrend on its longer-term time frames and today’s market catalyst could allow it to resume its selloff. Price has yet to test the descending trend line connecting the highs of price action on the 4-hour chart. Technical indicators seem to be hinting that an upside breakout is possible. Technical Indicators Signals. The 100 SMA is below the longer-term 200 SMA so the path of least resistance could....