The 100 SMA is above the longer-term 200 SMA on this time frame, signaling that the path of least resistance is to the upside. Also, the gap between the moving averages is widening so bullish pressure is getting stronger. The 200 SMA is close to the bottom of the channel at $612, which might be the line in the sand for any correction from this uptrend.
Stochastic is already indicating overbought conditions so bulls could take a break from here and allow bitcoin price to retreat. A small pullback could last until the mid-channel area of interest around $615 or the 100 SMA dynamic support. Stronger selling pressure could lead to a break of the channel bottom and a reversal for the bitcoin price uptrend.
Bitcoin Price Technical Analysis for 10/11/2016 - New Channel to Watch!
http://www.newsbtc.com/2016/10/11/bitcoin-price-technical-analysis-10112016-new-channel-watch/
Topic: [2016-10-11Bitcoin Price Technical Analysis– New Channel to Watch! (Read 206 times)
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