Bitcoin Price Technical Analysis for 07/18/2016 – Back at Channel Resistance!
Bitcoin price appears to be encountering resistance at the top of the ascending channel visible on the 1-hour time frame.
Bitcoin Price Key Highlights
Bitcoin price has been trading inside an ascending channel since the start of the month. Price made a strong bounce off the channel support on Friday on heightened risk aversion, triggering a climb to the top. If the channel resistance holds, another test of support could be in the cards. Bitcoin price appears to be encountering resistance at the top of the ascending channel visible on the 1-hour time frame.
Technical Indicators Signals
The 100 SMA is still above the longer-term 200 SMA, confirming that the path of least resistance is to the upside and that the uptrend could carry on. If you’re bullish on bitcoin price, better wait for an actual test of support at $665 near the 100 SMA if you’re planning on catching the uptrend.
This post was published at NewsBTC on 4:05 am July 18, 201.