Bitcoin Price Technical Analysis for 09/21/2016 – Bulls Holding a Fort?

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Bitcoin Price Key Highlights

  • Bitcoin cost done a pointy mangle from a new short-term converging and sole off.
  • Price still found support during a descending channel manifest on a 1-hour and 4-hour time frames, suggesting that buyers are perplexing to reason a fort.
  • Technical indicators are suggesting that a uptrend could still lift on.

Bitcoin cost competence be prepared to resume a stand now that it’s hovering around several support zones.

Technical Indicators Signals

The 100 SMA is above a 200 SMA on a 4-hour time frame, that means that a trail of slightest insurgency is to a upside. Also, a 200 SMA lines adult with a bottom of a descending channel during $600, adding to a strength as a floor. This area also coincides with a former insurgency zone so there could be a lot of seductiveness in this psychological level.

Stochastic has already reached a oversold section and is starting to pierce higher, indicating a lapse in shopping pressure. This competence be adequate to take bitcoin cost behind adult to a channel insurgency during $640 or during slightest until a mid-channel area of seductiveness during $620.

Bitcoin Price Technical Analysis for 09/21/2016 - Bulls Holding a Fort?

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