Bitcoin Price Technical Analysis for 07/28/2016 – Bounce or Break?

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Bitcoin Price Key Highlights

  • Bitcoin cost seems to be substantiating a downtrend now that it’s combining a forward channel on a 1-hour time frame.
  • Price is now contrast a channel resistance, still determining either to make a rebound or a break.
  • Technical indicators seem to be indicating that a selloff could resume though there are also intensity arguments for a reversal.

Bitcoin cost is hovering during a insurgency of a short-term forward channel and could be in for a delay or reversal.

Technical Indicators Signals

The 100 SMA is next a longer-term 200 SMA so a trail of slightest insurgency is to a downside, that could take bitcoin cost to a channel support during $640. The 200 SMA could reason as a energetic rhythm indicate and supplement strength to a channel insurgency during $655.

However, a opening between a relocating averages is narrowing, hinting that an ceiling crossover could be possible. In that case, buyers could burst in a intensity reversal, generally if a prolonged bullish candle closes above $660.

Stochastic is indicating down and relocating south so bitcoin cost could follow suit. A bit of bearish dissimilarity can be seen given stochastic done reduce highs while bitcoin had aloft highs from yesterday. Keep in mind, however, that

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