Bitcoin Price Technical Analysis for 07/20/2016 – Steady Uptrend

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Bitcoin Price Key Highlights

  • Bitcoin cost went for a exam of a channel support as likely in an progressing article and a rebound took place.
  • This signals that cost could be headed behind to a channel insurgency to lift on with a uptrend.
  • A uninformed turn of risk hatred could keep bitcoin in direct though technical indicators are giving churned signals.

Bitcoin cost found support during a bottom of a descending channel and looks primary for another exam of resistance.

Technical Indicators Signals

The 100 SMA is above a 200 SMA so a trail of slightest insurgency is to a upside. This suggests that bitcoin cost competence stand to a tip of a channel during $690-700 or during slightest until a prior highs closer to $680. In addition, a 100 SMA coincides with a bottom of a channel, adding to a strength as a floor.

However, stochastic is already in a overbought area, that means that buyers could run out of steam soon. The oscillator hasn’t crossed down to prove a lapse in offered vigour nonetheless so a few some-more gains could be possible.

If a mangle next a channel support during $670 is seen, bitcoin cost could still rebound off a 200 SMA energetic inflection

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