Bitcoin Price Technical Analysis for 08/03/2016 – Bulls to Return?
Bitcoin price is testing a long-term support area, with technical indicators hinting at a continuation of the climb. Bitcoin Price Key Highlights. Bitcoin price is in the middle of a sharp selloff but it seems to have found support at the rising trend line as predicted in the previous post. Price spiked off the $500 level, as plenty of buy orders were likely waiting in that area of interest, which held as resistance in the past. Technical indicators seem to be suggesting that the longer-term climb could resume from here. Technical Indicators Signals. The 100 SMA is above the longer-term....
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Bitcoin price is retreating upon reaching its yearly highs but bulls could be ready for another push higher after this pullback. Bitcoin Price Key Highlights. Bitcoin price reached the yearly highs around $780 and profit-taking happened as predicted in the previous article. Price is now making a pullback from its recent rally and could encounter more bulls who are waiting at the next area of interest. Technical indicators are confirming that the uptrend could resume once the correction is completed. Technical Indicators Signals. The 100 SMA just crossed above the longer-term 200 SMA to....
Bitcoin price is settling inside a new rising channel on its 1-hour time frame and might be due for a test of support soon. Bitcoin Price Key Highlights. Bitcoin price is trending higher on its 1-hour time frame, moving inside an ascending channel pattern. Price just bounced off the resistance and is making its way back towards support. Technical indicators are suggesting that the uptrend could carry on, possibly leading to another test of the channel resistance. Technical Indicators Signals. The 100 SMA is below the longer-term 200 SMA for now so the path of least resistance is to the....
Bitcoin price could be ready to resume its climb now that this area of interest held as support. Bitcoin Price Technical Analysis. Bitcoin price recently made an upside breakout from a near-term resistance around $660. Price has found resistance at the $670 area and has since pulled back to the broken resistance, which appears to have held as support. This signals that bitcoin bulls could be ready to charge once more, although technical indicators are suggesting otherwise. Technical Indicators Signals. The 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to....
Bitcoin price seems to be done with its climb, as sellers pushed for a break of the near-term channel support. Bitcoin Price Key Highlights. Bitcoin price broke below the ascending channel support on its 1-hour chart, signaling that a reversal from the uptrend is in order. Technical indicators are still showing that the rally could resume at some point. A pullback to the broken channel support could take place before the selloff gains traction. Technical Indicators Signals. The 100 SMA is still above the longer-term 200 SMA so the path of least resistance is still to the upside. However,....
Bitcoin price finally broke out of its symmetrical triangle formation and is establishing a northbound route. Bitcoin Price Key Highlights. Bitcoin price broke out of its consolidation pattern to the upside and signaled the return of buying pressure. This could take price up to the triangle highs at $780 or onto the $800 major psychological level. Technical indicators are suggesting that the gains could carry on. Technical Indicators Signals. The moving averages are still tight as the 100 SMA has yet to incorporate the recent upside breakout. These SMAs are close to the triangle resistance....