Bitcoin Price Technical Analysis for 07/01/2016 – Break and Retest!

Bitcoin Price Key Highlights

  • Bitcoin price appears to have made a downside break of the consolidation pattern recently, but a pullback has taken place.
  • Price is retesting the broken support of the ascending triangle pattern visible on the 1-hour time frame, still deciding whether to carry on with its drop or not.

Bitcoin price could be due for a slide to the $400 levels if bearish momentum is strong enough to sustain the selloff.

Technical Indicators Signals

The moving averages are still oscillating for now, reflecting indecision among buyers and sellers. This could mean that further consolidation is possible, taking bitcoin price back up to the top of the triangle around $435.

However, a convincing downward crossover by the 100 SMA could be enough to confirm that bears are taking control. For now, stochastic is pointing down even without having reached the overbought zone recently while RSI also appears to be on the move down.

A break below the previous lows at $426 could be enough to confirm that selling pressure is taking hold. On the other hand, a climb above $430 could suggest that the spike lower was just a fake out.

bitcoin price, bitcoin trading, bitcoin<p><a href=Read more ... source: TheBitcoinNews