Bitcoin Price Key Highlights
- Bitcoin price is still trending higher, moving inside a short-term bullish channel on its 15-minute time frame.
- Price is hovering around the middle of the channel, still deciding whether to make a test of support or climb back to the resistance.
- Technical indicators are suggesting that the uptrend could carry on.
Bitcoin price could keep going for gains as the bullish channel on the short-term charts is staying intact.
Technical Indicators Signals
The 100 SMA is above the 200 SMA on this time frame, confirming that the path of least resistance is to the upside. The 100 SMA lines up with the channel support around $606, adding to its strength as a floor. The gap between the moving averages has been maintained, reflecting steady bullish momentum.
Stochastic is on the move up to show that buyers are in control of bitcoin price action. This could continue until the oscillator reaches the overbought zone and turns lower, possibly inspiring a bit of profit-taking to happen.
However, a break below the channel support could mark the start of a selloff, which might even last in the long-term. The line in the sand could be the 200 SMA dynamic support at $605.
Market Events
Volatility has been subdued for bitcoin price as traders might be holding out for top-tier market events before establishing a clearer direction. For today, US retail sales and PPI figures are up for release, likely providing stronger clues on whether or not the FOMC can afford to tighten monetary policy with a rate hike in next week’s meeting.
Higher than expected gains in consumer spending and inflation could reinforce September hike speculations, driving the dollar higher against bitcoin price and therefore triggering a downside channel break. On the other hand, weak data could keep risk appetite in play and support the riskier bitcoin.
Other catalysts that could influence market sentiment are the monetary policy statements from the Bank of England and the Swiss National Bank.
Charts from SimpleFX
