Bitcoin Price Technical Analysis for 08/22/2016 – Approaching Channel Support

Bitcoin price is pulling back from its ongoing uptrend, offering bulls a chance to go long at cheaper levels. Bitcoin Price Key Highlights. Bitcoin price retreated upon testing its yearly highs, allowing the correction to materialize as predicted in the previous post. An ascending channel can be seen on the 4-hour bitcoin chart, and price is approaching the floor. Technical indicators are showing that the climb is likely to resume rather than reverse. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA on the 4-hour chart, confirming that the path of least resistance....

Bitcoin price is resuming its climb after testing the bottom of the ascending channel visible on the 1-hour chart. Bitcoin Price Key Highlights. Bitcoin price continues to trend higher on its 1-hour time frame, moving on a sharper ascending channel than before. Price just bounced off the channel support and seems to be setting its sights on the resistance around $740-750. Technical indicators are suggesting that further gains are in the cards. Technical Indicators Signals. The 100 SMA is safely above the longer-term 200 SMA on this time frame, confirming that the path of least resistance....

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 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 be ready for another bounce off the channel support as the bullish trend goes on. Bitcoin Price Key Highlights. Bitcoin price is still inside that ascending channel on its 1-hour time frame, bouncing off support as suggested in the earlier article. Price just got rejected on its test of the channel resistance once more, putting it back on track towards testing support. Technical indicators are suggesting that a pullback could take place but that the bullish trend could continue. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA so the path of....