Bitcoin Price Technical Analysis for 05/20/2016 – Ready for a Long-Term Slide?

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Bitcoin Price Key Highlights

  • Bitcoin cost has shaped aloft lows and reduce highs, formulating a exquisite triangle converging settlement on a daily and 4-hour time frames.
  • Price seems to have finally done a mangle subsequent a triangle support, indicating that bears have taken control.
  • If so, bitcoin could be due for a enlarged drop, presumably until a triangle bottoms during $350.

Bitcoin cost done a downside mangle from a long-term converging pattern, signaling that a selloff is about to take place.

Technical Indicators Signals

The 100 SMA is still above a 200 SMA on a daily time support yet it has already done a downward crossover on a 1-hour chart, an early vigilance that a downtrend is brewing. The relocating averages on this long-term draft are shutting a gap, though, so a downward crossover competence also occur soon.

For now, bitcoin cost is eyeing a following circuitously support levels: a energetic rhythm points during a 100 SMA and 200 SMA, near-term support during $400, and a subsequent building during $380.

Stochastic is on a pierce down, confirming that bears are on tip of a diversion and that serve declines are likely. RSI is still on center belligerent yet seems to be circumference lower, also suggesting that bearish momentum

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