Bitcoin Price Technical Analysis for 03/10/2016 – Ready for a Big Breakout?

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Bitcoin Price Key Highlights

  • Bitcoin price is still stuck in consolidation, waiting for top-tier market catalysts to determine a clearer direction.
  • Price has been consolidating around the $410-415 levels and a breakout in either direction is bound to take place soon.
  • An upside breakout could lead to a climb to the channel resistance at $420 while a downside breakout could let the impulse wave resume down to the channel support or previous lows.

Bitcoin price has barely moved from its range as traders reduce their exposure to event risks, but strong breakouts could still encounter nearby support and resistance.

Technical Indicators Signals

The 100 SMA is below the 200 SMA so the path of least resistance is still to the downside. However, the short-term moving average is inching closer to the longer-term SMA so an upward crossover might be possible, enough to indicate that further gains are in the cards.

In that case a test of the channel resistance might happen near the 61.8% Fib or the $420 area of interest. If this keeps rallies in check, bitcoin price could still resume its impulse wave back down to the bottom of the channel. On the other hand, increased bullish momentum could trigger an upside breakout and a move

Read more ... source: NewsBTC USA

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