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Bitcoin Price Technical Analysis for 04/10/2017 – Another Upside Breakout!

  • April 10, 2017

Bitcoin Price Key Highlights

  • Bitcoin price seems to be gaining more bullish momentum as it recently broke past the symmetrical triangle resistance on the daily chart.
  • Price is testing the nearby highs around the $1215 area and another move past this level could allow bitcoin price to establish new highs.
  • Technical indicators are giving mixed signals so there’s a chance that profit-taking could happen.

Bitcoin price made a bullish breakout from a symmetrical triangle formation, signaling that buyers are ready to push for more gains.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. In addition, the 100 SMA lines up with the triangle support, adding to its strength as a floor in the event of another pullback. The gap between the moving averages is widening, signaling that bullish pressure is strengthening and that no new crossovers are about to take place yet.

Stochastic has been indicating overbought conditions for quite some time, which means that buyers are already feeling exhausted. However, the oscillator has yet to move below the overbought zone to indicate a return in selling pressure. RSI is still on the move up, which means that there’s some buying momentum left to push bitcoin price a bit higher.

Market Events

Geopolitical risks continue to keep bitcoin price supported as investors worry about how global financial markets could react. The attack in Syria and the US military response continue to dominate headlines, keeping market watchers on edge for more attacks.

Meanwhile, liquidity is expected to be thinner as most markets close towards the end of this week for Holy Week celebrations. With that, smaller positions could trigger larger moves, especially if these are headline driven. In terms of data, only the retail sales reports due from the US at the end of the week could trigger dollar-related moves, although overall market sentiment is also likely to be a main driver throughout.

Charts from SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.