Bitcoin Price Technical Analysis for 04/11/2016 – Channel Bounce!

Bitcoin Price Key Highlights

  • Bitcoin cost tested a channel support on a 4-hour time frame, after violation next a shorter-term channel as mentioned in a previous update.
  • The stream support area appears to be gripping waste in check, as it also coincides with a energetic support during a relocating averages.
  • If buyers are means to means a ceiling momentum, bitcoin cost could conduct behind adult to a channel resistance.

Bitcoin cost is still in an uptrend, as a descending channel support on a 4-hour time support is holding.

Technical Indicators Signals

The 100 SMA is above a 200 SMA so a trail of slightest insurgency is still to a upside. This means that bitcoin cost could be means to stand behind to a tip of a operation nearby a $430 turn or most higher. However, if a downward crossover is seen, sellers competence take over and pull for a mangle next a channel support during $415.

RSI is still on center ground, hardly providing clever directional clues for now. Stochastic is streamer north so cost could follow suit. This indicates that bullish movement is present, though it competence blur once a oscillator reaches a overbought levels.

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