• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
bitcoin
Sensei Inu Logo

Bitcoin Price Technical Analysis for 08/31/2017–Aiming for $5000

newsbtc by newsbtc
6 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read

Bitcoin Price Key Highlights

  • Bitcoin price continues to tread higher, setting its sights on the top of the ascending channel on its 4-hour time frame.
  • Price is currently testing the mid-channel area of interest and a break higher could put it on track towards climbing to $5000.
  • Technical indicators are giving mixed signals at the moment.

Bitcoin price could be aiming for the top of its ascending channel but a couple of technical indicators are hinting at a potential pullback.

Technical Indicators

The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. This means that the uptrend is more likely to continue than to reverse. Also, the gap between the moving averages is widening to reflect stronger bullish momentum.

However, stochastic is starting to head south from the overbought region to indicate a pickup in selling pressure while buyers are taking a break. RSI is also turning lower after reaching overbought levels, also suggesting that a dip is possible.

The 100 SMA is close to the channel support around $4200, adding to its strength as a floor when tested. A larger pullback could last until the 200 SMA dynamic support around $3800.

Market Factors

Rising geopolitical tensions stemming from North Korea’s missile launch earlier this week boosted bitcoin price to fresh highs, but easing concerns are causing the cryptocurrency to retreat. Also, the fall in bitcoin cash price has drawn investor interest back to the original version.

Looking ahead, BTCUSD movement could also be influenced by rising dollar demand now that the Q2 GDP was upgraded to 3.0% and US President Trump started turning more attention towards tax reform.

For now, the projected impact of Hurricane Harvey on economic performance could keep a lid on dollar rallies but an upbeat jobs report to be released on Friday could spur rate hike expectations and dollar gains. On the other hand, downbeat data could pave the way for new bitcoin price highs once more.

Tags: bitcoin pricebitcoin signalsbitcoin technical analysisbitcoin tradingbtcusd price
Tweet123Share196ShareSend
newsbtc

newsbtc

Related Posts

chainlink

Chainlink (LINK) Spikes 6% On The Weekly Chart As Market Sees Correction

5 hours ago
Bitcoin price

Crypto Analyst Says Prepare For 100% Increase In Bitcoin Price As Historical Pattern Forms

8 hours ago
Bitcoin price

Will Bitcoin Drop To $20,000? EURUSD Correlation Indicates It Might

10 hours ago
Tron TRX

Tron Price Prediction: TRX Could Rally To $0.095 and Outperform Bitcoin

14 hours ago
Ethereum

Ethereum Price Just Saw Bearish Breakdown: Can Bulls Save The Day?

15 hours ago
Bitcoin

Bitcoin Price Grinds Lower And Seems Like Bears Are Not Done Yet

16 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Everlodge (ELDG)’s Electrifying Presale: Stealing the...

    59 mins ago
  • Litecoin (LTC) and Chainlink (LINK) Holders Dive into...

    1 hour ago
  • Discover the Yesgo (YESGO) Listing on XT.COM and Launch on...

    2 hours ago
  • Ex-SEC Chief Optimistic About Bitcoin ETF Approval...

    6 hours ago
  • Bitcoin (BTC) Stays at $27K; Bullish Hints from Aave (AAVE)...

    7 hours ago

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.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 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.