Bitcoin Price Key Highlights
- Bitcoin price tested the channel support on the 4-hour time frame, after breaking below the shorter-term channel as mentioned in the previous update.
- The current support area appears to be keeping losses in check, as it also coincides with the dynamic support at the moving averages.
- If buyers are able to sustain the upward momentum, bitcoin price could head back up to the channel resistance.
Bitcoin price is still in an uptrend, as the ascending channel support on the 4-hour time frame is holding.
Technical Indicators Signals
The 100 SMA is above the 200 SMA so the path of least resistance is still to the upside. This means that bitcoin price could be able to climb back to the top of the range near the $430 level or much higher. However, if a downward crossover is seen, sellers may take over and push for a break below the channel support at $415.
RSI is still on middle ground, barely providing strong directional clues for now. Stochastic is heading north so price could follow suit. This indicates that bullish momentum is present, but it might fade once the oscillator reaches the overbought levels.
Read more ... source: TheBitcoinNews