Bitcoin Price Technical Analysis for 10/02/2016 – New Channel Forming?

Bitcoin Price Key Highlights

  • Bitcoin price has been slowly trending lower on the short-term time frames, with a descending channel connecting the latest highs and lows of price action since last week.
  • Price is currently testing the top of the channel which lines up with the 100 SMA dynamic resistance.
  • Technical indicators are showing mixed signals, reflecting indecision between buyers and sellers.

Bitcoin price could be due for either a bounce or a break of the channel resistance, depending how the top-tier catalysts today turn out.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA, which suggests that the path of least resistance is to the downside. A break below the sideways pattern just above $372 could indicate a pickup in bearish momentum and a possible selloff to the channel support at $368.

Stochastic is on the move up, though, which means that bitcoin price might follow suit. Similarly, RSI is on middle ground on its way higher, so bulls might still be in control.

In that case, an upside break past the channel resistance around $374 could be enough to confirm that an uptrend is forming. Bitcoin price could still encounter a bit of resistance at the 200 SMA dynamic inflection point before heading

Read more ... source: TheBitcoinNews

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