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August 12, 2016, 07:26:13 AM |
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Bitcoin price is settling inside a range but technical indicators seem to be hinting at an upside breakout.
Bitcoin Price Key Highlights :
Bitcoin price has been moving sideways on the slowdown in volatility, stuck in a range between support at $575 and resistance at $590.
Price appears to be bouncing off the top of the range once more, gearing up for another test of support.
However, technical indicators are suggesting that a breakout could take place.
Stochastic is on the move up so bitcoin price might follow suit. An upside breakout past the $590 range resistance could take it higher by an additional $15, which is the same height as the short-term rectangle formation. On the other hand, a long bearish candle closing below $575 could take bitcoin price down by $15 as well.
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