NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin Price Analysis for 08/11/2016 – Anor Test of Support?

newsbtc
newsbtc
1 year ago
2 mins read
bitcoin

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin Price Key Highlights

  • Bitcoin price bounced off the bottom of its short-term ascending channel and climbed to the top.
  • The channel resistance kept gains in check, putting bitcoin back on track towards testing support again.
  • Technical indicators are showing that the uptrend could continue but that a pullback might be in the cards.

Bitcoin price could be ready to test the bottom of the rising channel, which lines up with several inflection points.

Technical Indicators Signals

The 100 SMA is still above the 200 SMA so the path of least resistance is to the upside, which means that the uptrend could resume. However, the gap between the moving averages is narrowing, reflecting weakening bullish momentum. If a downward crossover occurs, bitcoin price might even try to break below support at $590.

Note, however, that the moving averages are in line with the bottom of the channel, adding to its strength as a floor. A move below support could still bounce off the 200 SMA closer to $585.

Meanwhile, stochastic is on the move up to show that buyers are in control of price action. In that case, bitcoin price could resume its climb upon testing the mid-channel area of interest at $595 then go for a test of resistance near $605 again.

Bitcoin Price Technical Analysis for 08/11/2016 - Another Test of Support?

Market Events

Dollar weakness seems to be in play these days as risk appetite is picking up. Markets have been shrugging off the upbeat jobs figures from the US economy, namely the quarterly non-farm productivity and unit labor costs, as well as the JOLTS job openings figures.

In addition, traders are still in the process of recovering from the sharp drop in bitcoin price following the Bitfinex hack earlier on. The cryptocurrency is showing increased momentum towards retesting the broken long-term support near $650, which might hold as resistance later on.

Potential catalysts for the rest of the week include changes in overall market sentiment, perhaps influenced by falling commodity prices, and the upcoming US retail sales release on Friday. Slower consumer spending growth is eyed so downbeat data could lead to more dollar losses against bitcoin.

Charts from SimpleFX

Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Has Taken Gold’s Role In Today’s World, Eric Trump Says

Eric Trump on Tuesday described Bitcoin as a “modern-day gold,” calling it a liquid store of value that can act...

Christian Encila 3 hours ago
Solana

Solana Builds Case For Next Leg Up As Moving Averages Underscore Bull Run

Solana is strengthening its bullish outlook, with recent price action showing firm momentum above key moving averages. This strength underscores...

Godspower Owie 5 hours ago
xrp-integration-etf-us

XRP intégré au sein d’un ETF US, bientôt les 4,50$ ?

XRP n’a jamais quitté la scène, mais il a longtemps été relégué au second plan. Entre procès avec la SEC,...

guillaumev 7 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

ethereum eth

Ethereum Price Prediction: Citi Caps Year-End at $4,300, But ETF outflows Challenge Outlook

James Halver 17 minutes ago
Ethereum

Ethereum Bulls Eye New Records Despite Market Volatility — What’s Driving Sentiment?

Godspower Owie 1 hour ago
cardano ada adausd

Cardano (ADA) Breaks Resistance: Will Bulls Drive Toward $1 or Risk Losing Support?

James Halver 2 hours ago

Premium Sponsors

Press Releases

  • 3 нискокапитализирани алткойна...

    8 hours ago
  • Топ алткойни за купуване, докато цената на Solana се доближава до исторически връх

    Топ алткойни за купуване, докато...

    11 hours ago
  • Najlepšie altcoiny na kúpu, kým cena Solany dosahuje...

    12 hours ago
  • ドージコイン 今後:ETF上場前の蓄積と価格分析が示す「事実売り」の可能性

    ドージコイン...

    13 hours ago
  • リップル 今後の行方:FOMC前に3ドルを維持、クジラが大量売却

    リップル...

    13 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.