Bitcoin Price Technical Analysis for 08/09/2016 – Short-Term Uptrend Forming

Bitcoin Price Key Highlights

  • Bitcoin price is slowly climbing, moving above a rising trend line on its 30-minute and 1-hour time frames.
  • Price is currently testing this rising trend line support, with technical indicators suggesting that a bounce could take place.
  • A return in bullish pressure could take bitcoin price back up to the previous resistance at $590 or higher.

Bitcoin price is currently testing the rising trend line visible on its 1-hour time frames and could be ready to resume its climb.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA, which confirms that the path of least resistance is to the upside and that the rally could resume. In addition, the 200 SMA lines up with the rising trend line, adding to its strength as a floor.

For now, bitcoin price has dipped below the 100 SMA dynamic inflection point, signaling a bit of bearish pressure. Stochastic is pointing up on its way out of the oversold region, which means that buyers are regaining control of price action.

Also, the gap between the moving averages is widening, which means that buyers are getting stronger and could be ready to push for more gains past the $600 handle.

Bitcoin Price<p><a href=Read more ... source: TheBitcoinNews

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