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

Bitcoin Price Key Highlights

  • Bitcoin price is still inside its ascending channel pattern after getting rejected on its attempt to break past the resistance.
  • Price could be headed for the channel support for another bounce higher.
  • Technical indicators suggest that the uptrend could carry on.

Bitcoin price could be due for a test of the channel support once more, with technical indicators confirming a potential bounce.

Technical Indicators Signals

The 100 SMA lines up with the channel support around $665, adding to its strength as a potential floor. In addition, the 100 SMA is safely above the longer-term 200 SMA for now so the path of least resistance is to the upside. If a bounce takes place, bitcoin price could resume its climb to the previous highs at $680 or higher.

Stochastic seems to be on the move up, although it is turning lower once more. If buyers regain control of bitcoin price action, the uptrend could resume and even go for a break past the channel resistance. On the other hand, a strong return in selling pressure could lead to a break below the channel support and a resulting selloff to the $650-660 area of interest.


Read more ... source: TheBitcoinNews