Bitcoin Price Technical Analysis for 08/03/2016 – Bulls to Return …

Bitcoin Price Key Highlights

  • Bitcoin price is in the middle of a sharp selloff but it seems to have found support at the rising trend line as predicted in the previous post.
  • Price spiked off the $500 level, as plenty of buy orders were likely waiting in that area of interest, which held as resistance in the past.
  • Technical indicators seem to be suggesting that the longer-term climb could resume from here.

Bitcoin price is testing a long-term support area, with technical indicators hinting at a continuation of the climb.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. Also, the 200 SMA lines up with the rising trend line support, adding to its strength as a floor. Bitcoin price could be poised to climb back to the highs at $780 or at least until the near-term area of interest at $600-650.

Stochastic is already indicating oversold conditions and is turning higher, which means that buyers are ready to take control of bitcoin price action once more. A bit of bullish divergence can be seen as the oscillator made lower lows from early March while price made higher lows then.


Read more ... source: TheBitcoinNews