Bitcoin Price Charts - July 2016, 3 Days After Block Reward Halving

The Bitcoin price has been in a sideways squeeze for a few weeks now, trading in a comparatively tight range.  With the hype over the block reward halving dying down, we may be set for a move in the Bitcoin price.  Here are the current 10-day and 5-day Bitcoin price charts along with the usual technical indicators and my own markups for support and resistance levels.  It looks like we could see a minor bounce upward in the week ahead, although overhead resistance is not far from the current support level (and they are converging quickly).

The 10-day chart does show a few good bullish signs, including a shift in the support slope, moving average crossover and improvement, and two recoveries after breaking support.  Also, StochRSI (an indicator of relative strength) shows that the market is likely oversold in the short-term which could mean the price will move upward to test resistance levels.

This week is tough to gauge as there is no definite trading pattern that I see and the price is still just kinda bouncing sideways.  So please look the charts over and form your own opinion.  My recommendation for this week... watch the support and resistance levels, look for the price to test upper resistance, and otherwise sit on the sidelines and wait for the market to decide where it's going.

Charts courtesy of http://bitcoincharts.com with my own personal additions.  License info below.

5-Day Bitcoin Price Chart, 1 Hour Intervals

 10-Day Bitcoin Price Chart, 2 Hour Intervals

These charts (with my additions) are licensed under a
Creative Commons Attribution-ShareAlike 3.0 Unported License

Please link back to me and BitcoinCharts.com if you use them.  Thanks!