Bitcoin Price Technical Analysis for 05/01/2017 – Eyes on the Channel Top!

Bitcoin Price Key Highlights

  • Bitcoin price is keeping up with its climb and is setting its sights higher to the top of the ascending channel on its daily time frame.
  • Price could reach $1400 sooner or later, with technical indicators signaling that the uptrend could continue.
  • Some signs of rally exhaustion are seen but there have been no indications of a return in bearish momentum just yet.

Bitcoin price continues to head further north and appears to be aiming for the ascending channel resistance at $1400.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA so the path of least resistance is still to the upside. Also, the gap between the two keeps widening to reflect stronger bullish momentum. This could be enough to push bitcoin price all the way up to the channel resistance before profit-taking happens.

Stochastic is already indicating overbought conditions, which suggests that buyers are feeling exhausted. Similarly, RSI is in the overbought area to indicate that bullish pressure is fading. However, both oscillators have yet to cross below the overbought region and turn lower to reflect a return in selling momentum.

A pullback could last until the channel support at $1100, which is close to the 100 SMA dynamic support.

Read more ... source: NewsBTC USA

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