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

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Bitcoin Price Key Highlights

  • Bitcoin price is showing no signs of pulling up from its dive, as it went on another wave lower and could be in for more declines.
  • A descending trend line can be drawn to connect the highs of price action, with the resistance level lining up with a former support area.
  • Price could pull up to this area of interest before resuming its slide.

Bitcoin price continues to tread lower as Chinese regulators make moves to investigate cryptocurrency exchanges and clients in the country.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA on the 1-hour chart, signaling that the path of least resistance is to the downside. In addition, the short-term moving average coincides with the descending trend line, adding to its strength as a ceiling.

Bitcoin price could pull up to the $900 level before resuming its drop, as this area previously served as support. Stochastic is on the move up to suggest that sellers are taking a break for the time being and allowing profit-taking to happen. RSI is heading up so bitcoin price could follow suit. Once these oscillators hit the overbought areas and turn lower, price could slump back to the lows near $700.

Read more ... source: NewsBTC USA

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