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

Bitcoin Price Key Highlights

  • Bitcoin cost is solemnly climbing, relocating above a rising trend line on a 30-minute and 1-hour time frames.
  • Price is now contrast this rising trend line support, with technical indicators suggesting that a rebound could take place.
  • A lapse in bullish vigour could take bitcoin cost behind adult to a prior insurgency during $590 or higher.

Bitcoin cost is now contrast a rising trend line manifest on a 1-hour time frames and could be prepared to resume a climb.

Technical Indicators Signals

The 100 SMA is above a longer-term 200 SMA, that confirms that a trail of slightest insurgency is to a upside and that a convene could resume. In addition, a 200 SMA lines adult with a rising trend line, adding to a strength as a floor.

For now, bitcoin cost has dipped next a 100 SMA energetic rhythm point, signaling a bit of bearish pressure. Stochastic is indicating adult on a approach out of a oversold region, that means that buyers are convalescent control of cost action.

Also, a opening between a relocating averages is widening, that means that buyers are removing stronger and could be prepared to pull for some-more gains past a $600 handle.

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