Bitcoin Price Technical Analysis for 08/10/2016 – Stuck in a Range!
Bitcoin price is settling inside a range but technical indicators seem to be hinting at an upside breakout.
Bitcoin Price Key Highlights
Bitcoin price has been moving sideways on the slowdown in volatility, stuck in a range between support at $575 and resistance at $590. Price appears to be bouncing off the top of the range once more, gearing up for another test of support. However, technical indicators are suggesting that a breakout could take place. Bitcoin price is settling inside a range but technical indicators seem to be hinting at an upside breakout.
Technical Indicators Signals
The 100 SMA is still above the longer-term 200 SMA on this time frame, signaling that the path of least resistance is to the upside. Price is currently testing the dynamic support at the 100 SMA, with another potential floor at the 200 SMA nearby. The gap between the moving averages seems to be narrowing, suggesting a possible downward crossover later on.
This post was published at NewsBTC on 3:28 am August 10, 201.