Bitcoin Price Technical Analysis for 09/29/2016 – Sitting on Resistance Turned Support

Bitcoin price is hovering above a resistance turned support area visible on the short-term time frames, still deciding whether to make a bounce or a break.
Bitcoin Price Key Highlights
Bitcoin price is still treading sideways, moving above a resistance turned support level at $602. Price has formed lower highs on the 15-minute chart, suggesting that bullish pressure is weakening and that bears are trying to push for a move lower. For now, the area of interest is holding quite well since it lines up with the 100 SMA dynamic support. Bitcoin price is hovering above a resistance turned support area visible on the short-term time frames, still deciding whether to make a bounce or a break.

This post was published at NewsBTC on 4:08 am September 29, 201.

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