Bitcoin Price Technical Analysis for 07/11/2016 – Still Stuck in Consolidation!

Bitcoin Price Key Highlights

  • Bitcoin cost shaped aloft lows and reduce highs, formulating a exquisite triangle settlement on a 4-hour time frame.
  • Price is still stranded inside that triangle settlement for now though a dermatitis competence be due given it is coming a peak.
  • A dermatitis in possibly instruction could set a longer-term trend for bitcoin.

Bitcoin cost is still stranded in converging though competence be prepared to make a clever dermatitis in possibly instruction earlier or later.

Technical Indicators Signals

The 100 SMA is now next a 200 SMA, signaling that a trail of slightest insurgency is to a downside. In other words, a downside dermatitis competence be some-more likely. However, a relocating averages are still tighten to any other so they could keep oscillating and indicating consolidation.

Stochastic is on a pierce adult so bitcoin cost could follow suit. In that case, an upside dermatitis could take place and take bitcoin adult to a triangle highs only next a $800 level. But if a oscillator reaches a overbought area shortly and turns lower, sellers could recover control of cost movement and pull for a selloff to a triangle lows nearby a $550 level.

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