Bitcoin Price Technical Analysis for 08/11/2016 – Another Test of Support?

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Bitcoin Price Key Highlights

  • Bitcoin cost bounced off a bottom of a short-term descending channel and climbed to a top.
  • The channel insurgency kept gains in check, putting bitcoin behind on lane towards contrast support again.
  • Technical indicators are display that a uptrend could continue though that a pullback competence be in a cards.

Bitcoin cost could be prepared to exam a bottom of a rising channel, that lines adult with several rhythm points.

Technical Indicators Signals

The 100 SMA is still above a 200 SMA so a trail of slightest insurgency is to a upside, that means that a uptrend could resume. However, a opening between a relocating averages is narrowing, reflecting weakening bullish momentum. If a downward crossover occurs, bitcoin cost competence even try to mangle next support during $590.

Note, however, that a relocating averages are in line with a bottom of a channel, adding to a strength as a floor. A pierce next support could still rebound off a 200 SMA closer to $585.

Meanwhile, stochastic is on a pierce adult to uncover that buyers are in control of cost action. In that case, bitcoin cost could resume a stand on contrast a mid-channel area of seductiveness during $595 afterwards go for

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