Bitcoin Price Technical Analysis for 07/13/2016 – Bulls Ready to Charge?

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Bitcoin Price Technical Analysis

  • Bitcoin cost recently done an upside dermatitis from a near-term insurgency around $660.
  • Price has found insurgency during a $670 area and has given pulled behind to a damaged resistance, that appears to have hold as support.
  • This signals that bitcoin bulls could be prepared to assign once more, nonetheless technical indicators are suggesting otherwise.

Bitcoin cost could be prepared to resume a stand now that this area of seductiveness hold as support. 

Technical Indicators Signals

The 100 SMA is still next a longer-term 200 SMA so a trail of slightest insurgency is to a downside. However, a opening between a relocating averages is squeezing so an ceiling crossover competence be in a cards.  A incomparable pullback next a area of seductiveness could also pull support from these energetic rhythm points during $655 and $650.

Stochastic is on center belligerent on a approach down, indicating that sellers competence still be in control of bitcoin cost action. If so, cost could be in for declines past those support areas and onto a longer-term support closer to $600. Zooming out to longer-term time frames shows that bitcoin cost is still consolidating so it competence be best to wait for an tangible dermatitis candle.

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