Bitcoin Price Technical Analysis for 10/18/2016 – Make or Break!

Bitcoin Price Key Highlights

  • Bitcoin cost is still trending higher, trade inside an descending channel settlement on a 4-hour time frame.
  • Price is still consolidating tighten to a channel insurgency with a bullish delay settlement forming.
  • An upside mangle from this dwindle arrangement could lead to a crook stand while a downside pierce could lead to a exam of a channel support.

Bitcoin cost seems to be tired from a stand and competence need to lift behind to a channel support before streamer serve north.

Technical Indicators Signals

The 100 SMA is above a longer-term 200 SMA on a 4-hour chart of bitcoin price, confirming that a uptrend is expected to lift on. The opening between a relocating averages is widening so bullish movement is removing stronger. However, buyers competence be watchful for improved prices before entering some-more prolonged positions.

A pullback to a channel support nearby a 200 SMA could occur if bitcoin cost breaks next a converging support during $640, heading to a exam of a building during $610. Stochastic is on a pierce down to uncover that a bit of offered vigour is in play.

Once a oscillator reaches a oversold section and turns higher, buyers could recover control and pull bitcoin cost up

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