Bitcoin Price Technical Analysis for 19/01/2016 – Pullback to Double Top Neckline?
Bitcoin price might be able to resume its drop upon testing the area of interest and drawing more sellers to the mix. Price has previously broken below a double top and an ascending triangle. The broken support at the $420 neckline coincides with the dynamic resistance around the moving averages. In addition, the short-term 100 SMA is below the longer-term 200 SMA, confirming that the path of least resistance is to the downside. If the 100 SMA moves farther below the 200 SMA, bearish momentum could pick up.
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