Bitcoin Price Technical Analysis for 10/19/2016 – Bearish Pressure Looming

Bitcoin Price Key Highlights

  • Bitcoin price is still stuck in its tight range on the short-term time frames, bouncing off support once more.
  • A test of the near-term resistance could be in the cards but technical signals are pointing to a downside break.
  • Buyers seem to be running out of momentum or traders are simply waiting for fresh market catalysts.

Bitcoin price could continue to consolidate but if a breakout occurs, technicals are favoring a downside move.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA for now, which suggests that buyers still may have a bit of energy left in them. However, the gap between the moving averages is narrowing so a downward crossover may be imminent. If it happens, more sellers could hop in and trigger a downside break of consolidation for bitcoin price.

Stochastic is also on the move up for now so there’s some bullish momentum left, probably enough for a test of the range resistance at $646. If the ceiling still holds, bitcoin price could go for another test of support at $636 or perhaps a break lower. If so, the cryptocurrency could go for a move to the next floor at $615.

Bitcoin<p><a href=Read more ... source: TheBitcoinNews

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