Bitcoin Price Technical Analysis for 11/23/2016 – Gunning for $800?

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Bitcoin Price Key Highlights

  • Bitcoin price gained further upside traction upon bouncing off the ascending channel support highlighted in earlier articles.
  • Price is now making its way towards the top of the channel near the $780 highs or onto the $800 handle.
  • Technical indicators are confirming that bulls are still in control of bitcoin action.

Bitcoin price is safely inside its ascending channel on the 4-hour time frame and is making a run for the resistance again.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA still, which means that the path of least resistance is to the upside. The 100 SMA lines up with the channel support at $740, adding to its strength as a floor in case another dip takes place. The gap between the moving averages has been pretty steady so there might not be any downward crossovers anytime soon.

Stochastic is on the move up, also confirming that buyers have enough energy to push for more gains in bitcoin price. Similarly, RSI is heading north so bitcoin could follow suit, although both oscillators are nearing the overbought zones to spur profit-taking.

The next ceiling is located at the $780 area, which lines up with the yearly highs. A break

Read more ... source: NewsBTC USA

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