Bitcoin Price Technical Analysis for 07/13/2016 – Bulls Ready to Charge?

Bitcoin price could be ready to resume its climb now that this area of interest held as support.
Bitcoin Price Technical Analysis
Bitcoin price recently made an upside breakout from a near-term resistance around $660. Price has found resistance at the $670 area and has since pulled back to the broken resistance, which appears to have held as support. This signals that bitcoin bulls could be ready to charge once more, although technical indicators are suggesting otherwise. Bitcoin price could be ready to resume its climb now that this area of interest held as support.
Technical Indicators Signals
The 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to the downside. However, the gap between the moving averages is narrowing so an upward crossover might be in the cards. A larger pullback below the area of interest could also draw support from these dynamic inflection points at $655 and $650.

This post was published at NewsBTC on 4:30 am July 13, 201.