Bitcoin Price Technical Analysis for 08/10/2016 – Stuck in a Range!

Bitcoin Price Key Highlights

  • Bitcoin price has been moving sideways on the slowdown in volatility, stuck in a range between support at $575 and resistance at $590.
  • Price appears to be bouncing off the top of the range once more, gearing up for another test of support.
  • However, technical indicators are suggesting that a breakout could take place.

Bitcoin price is settling inside a range but technical indicators seem to be hinting at an upside breakout.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA on this time frame, signaling that the path of least resistance is to the upside. Price is currently testing the dynamic support at the 100 SMA, with another potential floor at the 200 SMA nearby. The gap between the moving averages seems to be narrowing, suggesting a possible downward crossover later on.

Stochastic is on the move up so bitcoin price might follow suit. An upside breakout past the $590 range resistance could take it higher by an additional $15, which is the same height as the short-term rectangle formation. On the other hand, a long bearish candle closing below $575 could take bitcoin price down by $15 as well.

Bitcoin Price Technical Analysis<p><a href=Read more ... source: NewsBTC USA