Bitcoin Price Technical Analysis for 07/08/2016 – Downtrend Pullback
Bitcoin price appears to be making a correction from its downtrend, with several inflection points lined up around $660. Bitcoin Price Key Highlights. Bitcoin price recently made a selloff but it has since pulled up from this dive. A descending trend line can be drawn to connect the recent highs of price action on the 1-hour time frame since the start of this month. Price could pull up to this trend line before the selloff resumes. Technical Indicators Signals. Bitcoin price is currently stalling at an area of interest at $645, which previously held as support and is now holding as a....
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Bitcoin price is pulling up from its recent dive, offering a better entry point for sellers looking to catch the downtrend. Bitcoin Price Key Highlights. Bitcoin price recently made a break below the triangle consolidation pattern as illustrated in the previous update. Price rebounded off the $436 area and is showing a possible correction play. Any of the nearby inflection points might hold as resistance, all the way up to the broken support at $455. Technical Indicators Signals. The 100 SMA is above the 200 SMA on the 4-hour time frame so the path of least resistance might still be to the....
Bitcoin price might be in for a quick pullback to the broken triangle support before carrying on with its drop. Bitcoin price has formed a small double bottom pattern, indicating that a quick rally could take place. This could stall around the broken triangle support near the $430 level and the 61.8% Fibonacci retracement level. A shallow pullback could last until the 50% level or the $428 mark, which is also near the dynamic resistance at the moving averages. For now, the 100 SMA is above the 200 SMA but a downward crossover could confirm that the selloff is about to resume. An even....
Bitcoin price could be due for more declines after making a downside break of consolidation and forming a reversal pattern. Technical indicators are suggesting a potential bounce for now, with the 100 SMA above the 200 SMA and oscillators moving out of the oversold levels. Both RSI and stochastic are also showing slight bullish divergences, hinting that buyers could come back in the game and trigger a pullback or rally for bitcoin price. A pullback could lead to a test of the broken triangle support near $430 and the moving averages, which might hold as dynamic inflection points. A larger....
Bitcoin price seems to be establishing a downtrend after confirming a reversal pattern, and technical indicators support this view. Bitcoin Price Key Highlights. Bitcoin price recently formed a head and shoulders pattern on its short-term time frames, signaling that the recent uptrend may be over. Price has broken below the neckline support, which held as resistance on the retest. This adds confirmation that further losses are possible so it’s time to look at the nearby inflection points and areas of interest for potential targets. Technical Indicators Signals. The 100 SMA is still below....
Bitcoin price could continue to drop after completing a correction to the area of interest at $580. Bitcoin Price Key Highlights. Bitcoin price is still trending lower on its short-term charts, following a break below consolidation and reversal formations. Price could pull up to the descending trend line on the 1-hour chart before resuming its slide, giving sellers an opportunity to catch the downtrend at a better price. Technical indicators are confirming that a downtrend could be in the works. Technical Indicators Signals. The 100 SMA is making a downward crossover from the 200 SMA to....