Bitcoin Price Technical Analysis for 05/13/2016 – Bulls Putting Up a Fight!

Bitcoin Price Key Highlights

  • Bitcoin price has been trending higher and moving inside an ascending channel on its 4-hour and 1-hour time frames.
  • Price is still hovering around the channel support and a bounce might be in order.
  • If so, bitcoin price could make another test of the resistance around $465.

Bitcoin price has been consolidating at the bottom of the ascending channel, with buyers still trying to push for a bounce.

Technical Indicators Settings

The 100 SMA is above the longer-term 200 SMA, confirming that the path of least resistance is to the upside and that the uptrend could carry on. In addition, the 100 SMA lines up with the channel support near $450 and might hold as a dynamic inflection point. A spike lower could still bounce off the 200 SMA near $442.

Meanwhile, stochastic is on the move up, which means that buyers are in control of price action. RSI, however, is on middle ground so the consolidation around the bottom of the channel could carry on.

A break below support could mean a longer-term selloff, possibly until the area of interest at $430 then at the major support at $400. On the other hand, stronger bullish momentum could spur a break past the channel

Read more ... source: TheBitcoinNews