Bitcoin Price Technical Analysis for 08/02/2016 – Aiming for Long-Term Support?

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Bitcoin Price Key Highlights

  • Bitcoin cost recently done a clever mangle from a short-term converging pattern, signaling that sellers have taken control.
  • However, a longer-term uptrend stays total and cost could be prepared for a exam of a pivotal support.
  • A rising trend line can be drawn to bond a lows on a daily time support and bitcoin cost seems to be headed towards this area.

Bitcoin cost could be due for a exam of a longer-term rising trend line manifest on a daily chart.

Technical Indicators Signals

On a daily time frame, a 100 SMA is above a 200 SMA so a longer-term uptrend could lift on. In addition, a opening between a relocating averages is still widening so a bullish movement could strengthen after this pullback. Price is already impending a 100 SMA that competence reason as energetic support, though a incomparable retracement could final until a 200 SMA that lines adult with a rising trend line.

Stochastic is already in a oversold area, that suggests that sellers are already tired and that buyers are about to take over. However, a oscillator has nonetheless to spin aloft to prove a lapse in shopping pressure. For now, declines could still be probable while stochastic heads south.

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