Bitcoin Price Technical Analysis for 11/03/2016 – Unstoppable Climb?

Bitcoin Price Key Highlights
Bitcoin price is still trading inside its short-term ascending channel and is currently testing the resistance. Reversal candlesticks have formed at this level so it’s likely that bulls could book profits and trigger another dip to the channel support. Technical indicators are showing that the uptrend could continue but that a pullback is due. Bitcoin price could be in for a drop from the channel resistance, offering another chance to buy on the dips to support.
Technical Indicators Signals
The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside, which means that the bitcoin rally is likely to carry on. The 100 SMA is in line with the channel support at $735, which could keep losses in check in the event of a quick selloff. The gap between the moving averages is steady, indicating that bullish momentum is present.

This post was published at NewsBTC on November 3rd, 2016.