Bitcoin Price Technical Analysis for 08/30/2016 – Eyes on Range Resistance!

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Bitcoin Price Key Highlights

  • Bitcoin price has been moving sideways recently, bouncing off support at $565 and finding resistance at $585.
  • Price is in the middle of its range for now and may be encountering a bit of resistance at the area of interest.
  • A break above the moving averages could put it on track towards testing the range resistance once more.

Bitcoin price is stuck in consolidation, stalling at the middle of its range and still deciding whether to make a test of resistance or not.

Technical Indicators Signals

The moving averages are oscillating, which suggests that the range-bound bitcoin price action could continue. At the moment, price is treading around the dynamic inflection points, still trying to find momentum in either direction.

The 100 SMA is below the 200 SMA so the path of least resistance could still be to the downside. The short-term moving average also appears to be holding as dynamic resistance for now, although a rally could still find a ceiling at the 200 SMA.

If so, bitcoin price could make another test of support, with stronger bearish pressure likely to trigger a break lower. Stochastic seems to be on the move up but is starting to turn lower again, hinting at a

Read more ... source: NewsBTC USA

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