Bitcoin Price Technical Analysis for 09/12/2016 – Saved by the Bulls!

Bitcoin Price Key Highlights

  • Bitcoin price made a sharp breakdown from its short-term consolidation last Friday.
  • Price seemed poised for more losses until it hit the bottom of the rising channel on the 4-hour time frame and made a quick bounce.
  • Bitcoin could resume its climb from here, provided the channel support continues to keep losses in check.

Bitcoin price could be in for more gains from here as buyers popped up when it tested the rising channel support.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA on the 4-hour chart, indicating that the path of least resistance is to the upside and that a rally is in the cards. These moving averages also held as dynamic support near the bottom of the rising channel at $575.

The gap between the moving averages is widening to show that bullish pressure is getting stronger. In that case, bitcoin price could make its way back up to the channel resistance at $630.

Stochastic seems to be on the move down, though, so sellers could still take control of bitcoin price action. If so, bitcoin could make another attempt to break below the channel support and trigger a reversal from the climb. A candle closing below

Read more ... source: TheBitcoinNews