[2016-07-29]Bitcoin Price Technical Analysis – Potential Reversal

[BTCBinary]

Bitcoin Price Technical Analysis for 07/29/2016 – Potential Reversal?

The 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to the downside and the selloff could carry on. However, the gap between the moving averages is narrowing so an upward crossover could take place and draw buyers to the mix. In that case, bitcoin price could have enough momentum to break past the double bottom neckline at $665 then aim for the next resistance at $680. Stochastic is pointing up to indicate that buyers are taking control of price action...

http://www.newsbtc.com/2016/07/29/bitcoin-price-technical-analysis-07292016-potential-reversal/