Bitcoin Price Technical Analysis for 08/02/2016 – Aiming for Long-Term Support?

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 staged a strong rally to break past the short-term channel top and aim for the longer-term resistance. Bitcoin Price Key Highlights. Bitcoin price enjoyed a boost in volatility yesterday, allowing it to break past the short-term channel resistance. Price is now making its way to the top of a longer-term bullish channel visible on the 4-hour time frame. Technical indicators are also suggesting that buying pressure could be in for the long run. Technical Indicators Signals. The 100 SMA is crossing above the longer-term 200 SMA to show that buyers are taking control of bitcoin....

Bitcoin price seems poised for more declines, putting it on track towards testing a major support zone visible on the longer-term time frames. However, technical signals are looking mixed for now. At the moment, risk appetite appears to be waning once more, as the IMF recently decided to lower their global growth forecasts for 2016 and 2017. The institution highlighted the risks stemming from the slowdown in China and the slump in commodity prices, particularly to emerging economies. With that, the safe-haven US dollar is reigning supreme against most of its counterparts, particularly the....

Bitcoin price bounced off the channel support as expected and might have its sights set on the top. Technical indicators are still reflecting indecision, as traders are holding out for this week's set of top-tier catalysts. The 100 SMA just crossed above the 200 SMA, confirming that the uptrend is likely to carry on. In addition, these moving averages held as near-term support levels since they line up with the channel support around $430. That long-wicked candle suggests that buyers are refusing to let bitcoin price drop too much, as long orders were probably located right around the....

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....