Bitcoin Price Technical Analysis for 07/05/2016 – Stalling Halfway!

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Bitcoin Price Key Highlights

  • Bitcoin price continues to trend higher, still inside its ascending channel pattern visible on the 1hour time frame.
  • However, price seems to be stalling at an area of interest around the middle of the channel.
  • If this holds as resistance, bitcoin price could be in for another test of support around $650.

Bitcoin price could be in for more volatility today as US traders return from their Fourth of July holiday.

Technical Indicators Signals

The 100 SMA is still above the 200 SMA so the path of least resistance is to the upside. The 100 SMA lines up with the middle of the channel and is currently holding as a dynamic inflection point. Once bitcoin price breaks past this near-term resistance around $680, it could get back on track towards testing the channel resistance around $700-710.

RSI hasn’t quite reached the overbought zone but it already seems to be turning lower, indicating that sellers are taking control of price action. Stochastic is slightly in the overbought zone already, which means that buying pressure is already exhausted.

If selling pressure gets strong enough, a downside break of the channel support might even take place, pushing bitcoin price to the next area of interest around $620.

Read more ... source: TheBitcoinNews

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