Bitcoin Price Technical Analysis for 07/14/2016 – New Uptrend Forming?

Bitcoin price could be due for a bounce off this support zone and technical indicators appear to be in agreement.
Bitcoin Price Key Highlights
Bitcoin price underwent additional volatility and sold off yesterday but it appears to be testing another support area. Price is forming an ascending channel pattern on its 1-hour time frame and might be due for a bounce towards the resistance. Technical indicators are also suggesting that buyers could regain control. Bitcoin price could be due for a bounce off this support zone and technical indicators appear to be in agreement.
Technical Indicators Signals
The 100 SMA is crossing above the longer-term 200 SMA to confirm that the uptrend could carry on. In addition, the moving averages line up with the channel support, adding to its strength as a floor. If a bounce takes place, bitcoin price could head up to the top of the channel around $680.

This post was published at NewsBTC on 4:43 am July 14, 201.

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