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Title: [2016-08-11]Bitcoin Price Technical Analysis – Another Test of Support? Post by: BTCBinary on August 11, 2016, 12:53:02 PM Bitcoin Price Technical Analysis for 08/11/2016 – Another Test of Support?
The 100 SMA is still above the 200 SMA so the path of least resistance is to the upside, which means that the uptrend could resume. However, the gap between the moving averages is narrowing, reflecting weakening bullish momentum. If a downward crossover occurs, bitcoin price might even try to break below support at $590. Note, however, that the moving averages are in line with the bottom of the channel, adding to its strength as a floor. A move below support could still bounce off the 200 SMA closer to $585... http://www.newsbtc.com/2016/08/11/bitcoin-price-technical-analysis-08112016-another-test-support/ |