Bitcoin Price Technical Analysis for 09/20/2016 – Aiming for Next Support?

By September 19, 2016Bitcoin Business

Bitcoin Price Key Highlights Bitcoin price has been unable to establish a clear direction in the past few days as traders seem to be waiting for the top-tier catalysts. On the shorter-term time frames, it can be seen that bitcoin price seems to be heading close to the support at $605. A small reversal pattern can be seen so a bounce might be due but technical indicators are hinting otherwise. Bitcoin price might be aiming for a bounce off the nearby support zone, although a downside break is also possible. Technical Indicators Signals The 100 SMA is crossing below the longer-term 200 SMA on its 15-minute time frame, suggesting that the path of least resistance is to the downside. If so, BTCUSD could attempt to break below the nearby floor at $605 for a test of the next support around $580. Stochastic is turning down from the overbought zone to show that bearish momentum is building up. A candle closing below the recent lows at $607 could be enough to confirm this return in selling pressure. On the other hand, a move past the dynamic resistance around the moving averages could lead to a climb up to the highs at $613. Further gains past that point could push bitcoin price up to the longer-term resistance at $640. Market Events The highly-anticipated FOMC decision is coming up on Wednesday’s New York trading session, likely resulting to a breakout for bitcoin price. Until then, this consolidation is expected to carry on since market participants seem hesitant to take on large positions ahead of the top-tier event. Traders still seem to be divided on their expectations for the outcome since there’s a strong chance of a hawkish move. Economic data from the U.S. has shown consistent improvements but prudent members might argue […]

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