Bitcoin Price Technical Analysis for 10/12/2016 – Aiming Higher!

Bitcoin Price Key Highlights

  • Bitcoin price enjoyed a boost in volatility yesterday, allowing it to break past the short-term channel resistance.
  • Price is now making its way to the top of a longer-term bullish channel visible on the 4-hour time frame.
  • Technical indicators are also suggesting that buying pressure could be in for the long run.

Bitcoin price staged a strong rally to break past the short-term channel top and aim for the longer-term resistance.

Technical Indicators Signals

The 100 SMA is crossing above the longer-term 200 SMA to show that buyers are taking control of bitcoin price action. These moving averages are in line with the 4-hour bullish channel support at $610, adding to its strength as a floor. Bitcoin seems to have its sights set on the $650-655 area from here.

However, bearish pressure could be returning as stochastic has already reached the overbought region. The oscillator has yet to turn down to indicate that sellers are gaining control of bitcoin price action and are ready to push it back down towards support. But if buyers keep going strong, a break past the $650 resistance could take place and spur a sharper climb.

Bitcoin Price Technical Analysis for 10/12/2016 -<p><a href=Read more ... source: TheBitcoinNews

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