[2016-04-08]Bitcoin Price Technical Analysis – Headed for Larger Channel Bottom?

[Blawpaw]

Bitcoin Price Technical Analysis for 04/08/2016 – Headed for Larger Channel Bottom?

Bitcoin price is currently stalling at the 100 SMA, which might hold as a dynamic support level. Speaking of moving averages, the 100 SMA is still above the longer-term 200 SMA so the path of least resistance is to the upside and the uptrend could resume at some point.

Meanwhile, the 200 SMA lines up with the bottom of the 4-hour channel support and could also hold as the line in the sand for any rallies. A break below this area could set off a downtrend.

[urlhttp://www.newsbtc.com/2016/04/08/bitcoin-price-technical-analysis-04082016-headed-larger-channel-bottom/]read more[/url]