Bitcoin Price Technical Analysis for 11/01/2016 – Another Channel Bounce

Bitcoin price is resuming its climb after testing the bottom of the ascending channel visible on the 1-hour chart.
Bitcoin Price Key Highlights
Bitcoin price continues to trend higher on its 1-hour time frame, moving on a sharper ascending channel than before. Price just bounced off the channel support and seems to be setting its sights on the resistance around $740-750. Technical indicators are suggesting that further gains are in the cards. Bitcoin price is resuming its climb after testing the bottom of the ascending channel visible on the 1-hour chart.
Technical Indicators Signals
The 100 SMA is safely above the longer-term 200 SMA on this time frame, confirming that the path of least resistance is still to the upside and that the rally has legs. The 100 SMA coincides with the ascending channel support, adding to its strength as a floor in case another test of the bottom around $710 occurs.

This post was published at NewsBTC on November 1st, 2016.