Bitcoin Price Technical Analysis for 03/08/2016 – Short-Term Downtrend Brewing
Bitcoin price could be due for another steady drop if the trend line and Fibonacci retracement levels hold as resistance. Applying the Fibonacci retracement tool on the latest swing high and low shows these resistance levels: 50% Fib at $411.66 and 61.8% Fib at $418.72, which is close to the trend line at $420. In addition, the 200 SMA could hold as a dynamic inflection point, keeping gains in check and allowing the selloff to resume as this lines up with an area of interest or former short-term support zone.
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