Bitcoin Price Technical Analysis for 07/19/2016 – Aiming for Channel Support Again?

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Bitcoin Price Key Highlights

  • Bitcoin cost is still inside a descending channel settlement after removing deserted on a try to mangle past a resistance.
  • Price could be headed for a channel support for another rebound higher.
  • Technical indicators advise that a uptrend could lift on.

Bitcoin cost could be due for a exam of a channel support once more, with technical indicators confirming a intensity bounce.

Technical Indicators Signals

The 100 SMA lines adult with a channel support around $665, adding to a strength as a intensity floor. In addition, a 100 SMA is safely above a longer-term 200 SMA for now so a trail of slightest insurgency is to a upside. If a rebound takes place, bitcoin cost could resume a stand to a prior highs during $680 or higher.

Stochastic seems to be on a pierce up, nonetheless it is branch reduce once more. If buyers recover control of bitcoin cost action, a uptrend could resume and even go for a mangle past a channel resistance. On a other hand, a clever lapse in offered vigour could lead to a mangle next a channel support and a ensuing selloff to a $650-660 area of interest.

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