Bitcoin Price Key Highlights
- Volatility seems to have calmed down for bitcoin price once more, as it is currently stalling around the mid-channel area of interest seen on longer-term time frames.
- Zooming in to the 1-hour chart shows that bitcoin is moving inside a short-term channel once more and is testing resistance.
- If this ceiling holds, another test of the long-term channel support near $420 could be seen.
Bitcoin price is having trouble sustaining its climb past this short-term resistance area, but a break higher could mean a move to the longer-term channel top.
Technical Indicators Signals
Technical indicators on the 1-hour time frame are suggesting that a selloff might take place. The 100 SMA is below the 200 SMA so the path of least resistance is to the downside, although these moving averages are also oscillating to indicate consolidation.
Meanwhile, RSI is pointing down, which means that bearish pressure is present. Similarly, stochastic just made its way down from the overbought zone so price might follow suit. Near-term support could also be found around the moving averages.
Read more ... source: TheBitcoinNews