Bitcoin Price Technical Analysis for 01/12/2017 – Bears Gaining Traction

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Bitcoin Price Key Highlights

  • Bitcoin cost is display no signs of pulling adult from a dive, as it went on another call reduce and could be in for some-more declines.
  • A forward trend line can be drawn to bond a highs of cost action, with a insurgency spin backing adult with a former support area.
  • Price could lift adult to this area of seductiveness before resuming a slide.

Bitcoin cost continues to step reduce as Chinese regulators make moves to examine cryptocurrency exchanges and clients in a country.

Technical Indicators Signals

The 100 SMA is next a longer-term 200 SMA on a 1-hour chart, signaling that a trail of slightest insurgency is to a downside. In addition, a short-term relocating normal coincides with a forward trend line, adding to a strength as a ceiling.

Bitcoin cost could lift adult to a $900 spin before resuming a drop, as this area formerly served as support. Stochastic is on a pierce adult to advise that sellers are holding a mangle for a time being and permitting profit-taking to happen. RSI is streamer adult so bitcoin cost could follow suit. Once these oscillators strike a overbought areas and spin lower, cost could unemployment behind to a lows nearby $700.

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