Bitcoin Price Technical Analysis for 10/03/2016 – Time for Another Pullback?

Bitcoin Price Key Highlights

  • Bitcoin price continues to trend higher, moving above an ascending trend line connecting the latest lows on the 1-hour time frame.
  • Price just broke past the resistance at $607 then rallied up to $616 before showing signs of a correction.
  • Price could retreat until the broken resistance, which is close to the rising trend line support.

Bitcoin price has been on a tear and more bulls look ready to charge after this pullback to the nearby support.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA on the 1-hour time frame, which means that the path of least resistance is to the upside and that the rally is likely to carry on. In addition, the 100 SMA coincides with the rising trend line, adding to its strength as a support area.

Stochastic seems to be making its way up from the oversold area to show a return in buying pressure. Also, the gap between the moving averages is widening, which means that bullish momentum is getting stronger. In that case, bitcoin price could make a move up to the recent highs at $616 or higher.

On the other hand, a move below the trend line support and 100 SMA could still

Read more ... source: NewsBTC USA