Bitcoin Price Technical Analysis for 12/6/2016 – More Like a Rising Wedge?

Bitcoin price is consolidating in a rising wedge pattern and the direction of its breakout could set the tone for long-term movement. Bitcoin Price Key Highlights. Bitcoin price recently broke to the downside of its short-term uptrend, signaling a reversal underway. Price is stuck in consolidation for the time being, as traders have been booking profits from the previous drop and waiting for more cues. A break below the rising wedge pattern could confirm that longer-term losses are in the cards. Technical Indicators Signals. The 100 SMA just recently crossed below the longer-term 200 SMA....

Bitcoin price could be headed for some losses if it does break below the bottom of the rising wedge as the oscillators suggest. Bitcoin Price Key Highlights. Bitcoin price is still stuck in consolidation, moving inside a rising wedge pattern visible on the 1-hour time frame. Buyers and sellers are still tugging in their own directions, with a strong breakout likely to indicate where longer-term price action could go next. Technical indicators are giving mixed signals, with oscillators suggesting that a downside break could occur. Technical Indicators Signals. Stochastic has already reached....

Bitcoin price could be due for a bounce off the bottom of the rising wedge as the consolidation carries on. The 100 SMA is still above the longer-term 200 SMA so the path of least resistance is to the upside. In addition, the gap between the moving averages seems to be widening, indicating stronger bullish momentum. Meanwhile, stochastic has turned higher even without reaching the oversold region. This could be indicative of a return in buying pressure, possibly allowing bitcoin price to make another attempt at breaking past the wedge resistance around $435. Also, RSI appears to be moving....

Bitcoin price has been trading inside a rising wedge pattern as bullish pressure is present but weakening. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. In addition, the 100 SMA is in line with the wedge support so it’s likely that it could keep losses in check. A dip lower could draw support from the nearby 200 SMA. Stochastic is on the move down so sellers are on top of their game. However, the oscillator is nearing the oversold level, which means that bearish pressure is about to be exhausted and buyers could gain the upper hand soon.....

Bitcoin price broke out of its short-term consolidation pattern and is eyeing further upside, possibly until the long-term channel resistance. The 100 SMA is still above the longer-term 200 SMA, confirming that the path of least resistance is to the upside. The rising wedge pattern spans $400-420 so the resulting rally could last by $20 until $455-460, which is also around an area of interest and former support. The top of the rising channel on the 4-hour chart is located around $470 so bitcoin price might need a lot of bullish pressure before reaching that level. For now, stochastic is....