Bitcoin Price Technical Analysis for 07/22/2016 – Breakdown and Correction

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Bitcoin Price Key Highlights

  • Bitcoin cost recently pennyless subsequent a descending channel support, signaling that a annulment from a uptrend is about to take place.
  • Price bounced off a $660 area and appears to be creation a improvement from here.
  • Bitcoin could retest a damaged support around a $670-675 levels before resuming a slide.

Bitcoin cost looks prepared for a selloff though a discerning improvement from a relapse competence take place first, giving bears a improved entrance point.

Technical Indicators Signals

The 100 SMA is still above a longer-term 200 SMA for now so a trail of slightest insurgency is to a upside. In that case, bitcoin cost could still find adequate bullish movement to stand behind above a channel support and resume a uptrend.

However, stochastic is already creation a approach down from a overbought region, indicating a pickup in offered pressure. This confirms that sellers are gaining traction and have adequate appetite to pull for some-more declines, presumably until a subsequent area of seductiveness during $650 afterwards onto $600.

For now, cost is anticipating a bit of support during a energetic rhythm turn during a 200 SMA. If a 100 SMA continues to reason as energetic resistance, some-more bears could join a overlay and boost the

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