Bitcoin Price Technical Analysis for 07/01/2016 – Stuck in a Range?

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Bitcoin Price Key Highlights

  • Bitcoin cost recently done a break reduce from a converging pattern though popped adult aloft once more.
  • Price is now impending a $680 level, that has hold as short-term resistance.
  • If this continues to act as a ceiling, bitcoin cost could make another exam of a near-term support during $620.

Bitcoin cost appears to be relocating laterally between $620 and $680 while traders wait for incomparable marketplace catalysts.

Technical Indicators Signals

The 100 SMA is completing an ceiling crossover from a 200 SMA, signaling that buyers are perplexing to take control of cost action. If so, an upside dermatitis from a operation insurgency could be seen, holding bitcoin cost adult by $60 or a same tallness as a rectangle formation.

However, stochastic is on a pierce down, indicating that sellers are holding a top hand. This could be adequate to send bitcoin behind to a bottom of a operation or during slightest until a energetic rhythm points during a relocating averages.

RSI is also on a pierce down to uncover that bearish vigour is building up. If sellers pull harder, a mangle next support could send bitcoin reduce by $60 or a same distance as a range.

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