Bitcoin Price Technical Analysis for 09/27/2016 – Bullish Momentum Returning?

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Bitcoin Price Key Highlights

  • Bitcoin price is still hovering around the bottom of the ascending channel on its 4-hour time frame.
  • Bullish momentum seems to be returning as price made a more convincing bounce and is in a continuation pattern.
  • A bullish flag pattern has formed after the recent sharp rally, and a break past this formation could seal in more gains.

Bitcoin price looks ready to resume its climb as the ascending channel support is still holding.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA, indicating that the path of least resistance is to the upside. The short-term moving average is holding as dynamic resistance for now but a break past this $605 level could confirm that bulls are taking control of bitcoin price action.

The gap between the moving averages is narrowing, though, so a downward crossover could be imminent. If it does materialize,  bitcoin price could make another attempt at breaking below the ascending channel support at $600.

Stochastic is still on the move up so buyers are on top of their game. The oscillator is already nearing the overbought zone so buying pressure could be exhausted soon. In that case, sellers could regain control and push for a reversal

Read more ... source: NewsBTC USA

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