Bitcoin Price Technical Analysis for 04/26/2016 – Catching Small Pullbacks

Bitcoin Price Key Highlights

  • Bitcoin price has been trending higher, gaining more bullish momentum after breaking out of a long-term consolidation pattern.
  • On the 1-hour time frame, a short-term ascending trend line can be drawn to connect the latest lows of price action.
  • Catching a pullback to this trend line could be a good way to hop in the ongoing climb.

Bitcoin price has been on a steady climb following a strong upside breakout, offering opportunities to join the rally on retracements.

Technical Indicators Signals

The 100 SMA is safely above the longer-term 200 SMA on this time frame, confirming that the path of least resistance is to the upside and that the trend is likely to carry on. In addition, the gap between the moving averages is widening, indicating that bulls are gaining traction.

The trend line coincides with the 100 SMA, which could add to its strength as a support area. Also, that region lines up with a former resistance turned support zone around $455-460.

Bitcoin price appears to be hitting resistance around $470 at the moment and oscillators are suggesting that profit-taking might take place. Stochastic is on the move down from the overbought region so sellers are taking the upper hand while RSI is

Read more ... source: TheBitcoinNews