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.
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.
http://www.newsbtc.com/2016/10/12/bitcoin-price-technical-analysis-10122016-aiming-higher/
Topic: [2016-10-12] Bitcoin Price Technical Analysis – Aiming Higher! (Read 356 times)
Jump to: