Bitcoin Price Technical Analysis for 10/13/2016 – Buy on Dips?

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Bitcoin Price Key Highlights

  • Bitcoin price recently established strong upside momentum after breaking above a short-term ascending channel.
  • Price is consolidating from here as buyers are waiting for more bulls to join.
  • An upside breakout or a major pullback could offer opportunities to hop in the ongoing climb.

Bitcoin price is on a tear but is pausing in a bullish consolidation pattern before heading further north.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. In addition, the gap between the moving averages is widening so bullish pressure is getting stronger. Stochastic is also on the move up to show that buyers are in control of bitcoin price action.

In case buyers run out of steam, though, bitcoin price could pull back to the nearby areas of interest which might hold as support. Closest is the consolidation bottom around $635 and next is the dynamic support at the 100 SMA just above $625. Next up is the 200 SMA around $620, which also lines up with a broken resistance level.

Bitcoin Price Technical Analysis for 10/13/2016 - Buy on Dips?

Bitcoin Price Technical<p><a href=Read more ... source: NewsBTC USA

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