Bitcoin Price Technical Analysis for 08/24/2016 – Channel Support …

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Bitcoin Price Key Highlights

  • Bitcoin cost is still trending higher, relocating inside a descending channel manifest on a 1-hour time frame.
  • As illustrated in a progressing article, cost done a approach behind to a channel support after removing deserted on a exam of resistance.
  • Support around $580 seems to be holding so distant and technical indicators are suggesting that a stand could continue.

Bitcoin cost is contrast a descending channel support, still determining either to resume a uptrend or mangle lower.

Technical Indicators Signals

The 100 SMA is above a longer-term 200 SMA, hinting that a trail of slightest insurgency is to a upside and that a trend could lift on. Bitcoin cost is anticipating support during a 200 SMA energetic rhythm indicate as well, that could be a line in a silt for this uptrend. A mangle subsequent a 200 SMA could be an early vigilance that a downtrend is in a works.

Stochastic is on center belligerent on a approach higher, that suggests that there might some bullish vigour left. However a oscillator could be branch reduce as a downward crossover is forming, hinting during a probable lapse in bearish momentum.

If so, bitcoin cost could conduct down to a subsequent support area during $575 where

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