Bitcoin Price Technical Analysis for 08/11/2016 – Another Test of Support?

Bitcoin price could be ready to test the bottom of the rising channel, which lines up with several inflection points.
Bitcoin Price Key Highlights
Bitcoin price bounced off the bottom of its short-term ascending channel and climbed to the top. The channel resistance kept gains in check, putting bitcoin back on track towards testing support again. Technical indicators are showing that the uptrend could continue but that a pullback might be in the cards. Bitcoin price could be ready to test the bottom of the rising channel, which lines up with several inflection points.
Technical Indicators Signals
The 100 SMA is still above the 200 SMA so the path of least resistance is to the upside, which means that the uptrend could resume. However, the gap between the moving averages is narrowing, reflecting weakening bullish momentum. If a downward crossover occurs, bitcoin price might even try to break below support at $590.

This post was published at NewsBTC on 4:34 am August 11, 201.