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

Bitcoin Price Technical Analysis

  • Bitcoin price recently made an upside breakout from a near-term resistance around $660.
  • Price has found resistance at the $670 area and has since pulled back to the broken resistance, which appears to have held as support.
  • This signals that bitcoin bulls could be ready to charge once more, although technical indicators are suggesting otherwise.

Bitcoin price could be ready to resume its climb now that this area of interest held as support. 

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to the downside. However, the gap between the moving averages is narrowing so an upward crossover might be in the cards.  A larger pullback below the area of interest could also draw support from these dynamic inflection points at $655 and $650.

Stochastic is on middle ground on its way down, indicating that sellers might still be in control of bitcoin price action. If so, price could be in for declines past those support areas and onto the longer-term support closer to $600. Zooming out to longer-term time frames shows that bitcoin price is still consolidating so it might be best to wait for an actual breakout candle.

Read more ... source: TheBitcoinNews