Bitcoin Price Technical Analysis for 09/23/2016 – Another Bearish Flag?

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Bitcoin Price Key Highlights

  • Bitcoin cost is still stranded in parsimonious converging for now in what appears to be a bearish delay pattern.
  • Price is hovering safely above several support levels yet another pull reduce could be due, given a new trend.
  • A change in marketplace sentiment, however, could coax a rebound behind to a near-term resistance.

Bitcoin cost is stalling yet appears to simply be pausing from a new dive to accumulate some-more momentum.

Technical Indicators Signals

The 100 SMA is still above a longer-term 200 SMA on this time frame, suggesting that bulls could still pull bitcoin cost behind up. After all, cost is still anticipating support during a longer-term descending channel bottom and a energetic rhythm indicate during a 200 SMA.

However, a opening between a relocating averages seems to be squeezing so a downward crossover might be imminent. If it happens, some-more sellers could raise adult their brief positions and trigger a downside mangle from the $580-590 support zone, environment off a longer-term drop.

Stochastic is on center belligerent during a moment, reflecting hesitancy among buyers and sellers. It’s value observant that a oscillator is on a approach up, though, hinting during a slight preference in bullish odds.

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