Bitcoin Price Technical Analysis for 07/18/2016 – Back during Channel Resistance!

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Bitcoin Price Key Highlights

  • Bitcoin cost has been trade inside an descending channel given a start of a month.
  • Price done a clever rebound off a channel support on Friday on heightened risk aversion, triggering a stand to a top.
  • If a channel insurgency holds, another exam of support could be in a cards.

Bitcoin cost appears to be encountering insurgency during a tip of a descending channel manifest on a 1-hour time frame.

Technical Indicators Signals

The 100 SMA is still above a longer-term 200 SMA, confirming that a trail of slightest insurgency is to a upside and that a uptrend could lift on. If you’re bullish on bitcoin price, improved wait for an tangible exam of support during $665 nearby a 100 SMA if you’re formulation on throwing a uptrend.

Stochastic is indicating adult though is in a center of streamer south from a overbought zone. This signals that sellers might be holding control of bitcoin cost movement for now or that profit-taking is in play. If bearish vigour becomes too strong, a downside mangle of support could take place and move cost down to a 200 SMA energetic rhythm point, that is tighten to a subsequent area of seductiveness during $650.


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