Bitcoin Price Technical Analysis for 09/05/2016 – Bulls Are Charging!

Bitcoin price seems ready for a reversal since bulls were able to push past the long-term descending trend line and technical indicators are turning.
Bitcoin Price Key Highlights
Bitcoin price was previously trending lower on its longer-term charts, moving below a descending trend line on its 4-hour time frame. Price just broke past the neckline after the U. S. printed a weaker than expected jobs report for August, triggering dollar weakness. This signals that the downtrend might be over and that bitcoin could be in for a strong uptrend. Bitcoin price seems ready for a reversal since bulls were able to push past the long-term descending trend line and technical indicators are turning.

This post was published at NewsBTC on Sarah Jenn.