Bitcoin Price Technical Analysis for 07/15/2016 – Still Testing Channel Support!

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Bitcoin Price Key Highlights

  • Bitcoin cost has been circumference reduce recently though a altogether uptrend on a short-term draft seems intact.
  • Price is still inside a descending channel and is now contrast a support.
  • A rebound could endorse that bulls are still in control of bitcoin cost movement while a relapse would advise that a downtrend is in order.

Bitcoin cost is contrast a descending channel on a 1-hour time frame, still determining either to go for a delay or a reversal.

Technical Indicators Signals

The 100 SMA is above a 200 SMA, that means that a a trail of slightest insurgency is to a upside. In addition, a 100 SMA lines adult with a channel support, adding to a strength as a floor. A incomparable dump could still find support during a 200 SMA, that is around a area of seductiveness during $650.

Stochastic is on a approach down, that means that there’s still some offered vigour left. If bearish movement is clever enough, bitcoin cost competence mangle next a channel support and $650 area, that would afterwards endorse a reversal.

However, if a oscillator reaches a oversold section and turns aloft before a relapse happens, buyers could recover control and pull bitcoin cost behind to the

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