Bitcoin Price Technical Analysis for 08/22/2016 – Approaching Channel Support

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Bitcoin Price Key Highlights

  • Bitcoin cost has been usually climbing on a 1-hour chart, relocating inside an descending channel pattern.
  • Price bounced off a tip of a channel once some-more and is now creation a pierce towards support.
  • If this area binds as a building once more, bitcoin cost could make a approach behind adult to a channel resistance.

Bitcoin cost could be due for a rebound off a channel support, with technical indicators reflecting a participation of shopping momentum.

Technical Indicators Signals

The 100 SMA only crossed above a 200 SMA to prove that a trail of slightest insurgency is to a upside. In addition, these relocating averages are in line with a channel support around $575-580, adding to a intensity strength as a floor. A mangle next a 200 SMA, however, could be an early vigilance of a annulment from a uptrend.

Stochastic is on a pierce up, suggesting that buyers are still in control of cost action. The oscillator seems to be stalling midway, though, and competence conduct behind to a oversold section as sellers try to recover control. If stochastic continues a rise, bitcoin cost could follow suit.

A rebound off a channel bottom could take it adult to a channel insurgency during $600

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