Bitcoin Price Technical Analysis for 07/05/2016 – Stalling Halfway!

Bitcoin price could be in for more volatility today as US traders return from their Fourth of July holiday.
Bitcoin Price Key Highlights
Bitcoin price continues to trend higher, still inside its ascending channel pattern visible on the 1hour time frame. However, price seems to be stalling at an area of interest around the middle of the channel. If this holds as resistance, bitcoin price could be in for another test of support around $650. Bitcoin price could be in for more volatility today as US traders return from their Fourth of July holiday.
Technical Indicators Signals
The 100 SMA is still above the 200 SMA so the path of least resistance is to the upside. The 100 SMA lines up with the middle of the channel and is currently holding as a dynamic inflection point. Once bitcoin price breaks past this near-term resistance around $680, it could get back on track towards testing the channel resistance around $700-710.

This post was published at NewsBTC on 4:45 am July 5, 201.