Bitcoin Price Technical Analysis for 10/12/2016 – Aiming Higher!

Bitcoin price staged a strong rally to break past the short-term channel top and aim for the longer-term resistance.
Bitcoin Price Key Highlights
Bitcoin price enjoyed a boost in volatility yesterday, allowing it to break past the short-term channel resistance. Price is now making its way to the top of a longer-term bullish channel visible on the 4-hour time frame. Technical indicators are also suggesting that buying pressure could be in for the long run. Bitcoin price staged a strong rally to break past the short-term channel top and aim for the longer-term resistance.
Technical Indicators Signals
The 100 SMA is crossing above the longer-term 200 SMA to show that buyers are taking control of bitcoin price action. These moving averages are in line with the 4-hour bullish channel support at $610, adding to its strength as a floor. Bitcoin seems to have its sights set on the $650-655 area from here.

This post was published at NewsBTC on 4:28 am October 12, 201.