Bitcoin Price Technical Analysis for 07/29/2016 – Potential Reversal?

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....

Bitcoin price might be in for a larger drop based on the short-term reversal formation but technical indicators are giving a different signal. Bitcoin Price Key Highlights. Bitcoin price seems to be having trouble sustaining its climb, as it started forming lower highs so far this week. A head and shoulders pattern seems to be forming, indicating a potential reversal if price breaks below the neckline around $570. If that happens, bitcoin price could drop to the next visible support around $540. Technical Indicators Signals. The 100 SMA is above the 200 SMA so the path of least resistance....

Bitcoin price could be due for a short-term uptrend once it confirms this reversal formation, but technical indicators are suggesting otherwise. Bitcoin Price Key Highlights. Bitcoin price has sold off sharply recently but it looks like bears may be tired from the dive. A small double bottom pattern has emerged after price failed in its last two attempts to break below $565. Price has yet to break past the neckline at $575 before confirming the potential rally. Technical Indicators Signals. The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. In....

Ether price finished its price correction. Ether course continued its growth at $10.2 without any down reversal. At the moment the price is at its highest peak. At this point, the long-term direction will be defined. 3 possible course of events with $11.5 level. Breakout and downtrend reversal. Beneficial for:the sellers. They will be gaining profit from it in the long-term because this is the crossing point for the most technical indicators. We saw how influential $11.5 price was earlier this January. The first scenario is that there will be a breakout from the $11.5 price. At the same....

Bitcoin price could be due for more declines after making a downside break of consolidation and forming a reversal pattern. Technical indicators are suggesting a potential bounce for now, with the 100 SMA above the 200 SMA and oscillators moving out of the oversold levels. Both RSI and stochastic are also showing slight bullish divergences, hinting that buyers could come back in the game and trigger a pullback or rally for bitcoin price. A pullback could lead to a test of the broken triangle support near $430 and the moving averages, which might hold as dynamic inflection points. A larger....