Bitcoin Price Technical Analysis for 09/13/2016 – Pullback to Broken Support?

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 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 could make a correction before resuming its climb past the $1000 mark and the short-term time frames illustrate potential pullback areas. Bitcoin Price Key Highlights. Bitcoin price seems to be having trouble breaking past the $1000 mark so a pullback might be in order. On the 1-hour time frame, an ascending channel can be seen and a pullback to support at $940 might be in the works. The channel support lines up with a broken resistance area and another dynamic inflection point. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA so the path of least....

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 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.