Bitcoin Price Technical Analysis for 07/26/2016 – Reversal Formation Seen!

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Bitcoin Price Key Highlights

  • Bitcoin cost has recently damaged down from a long-term converging pattern, signaling an boost in offered pressure.
  • A conduct and shoulders settlement can be seen on a 1-hour time support and this is a classical selloff signal.
  • Price is still above a neckline of a annulment formation, though, so it’s still early to endorse if serve declines are in order.

Bitcoin cost has shaped a conduct and shoulders settlement on a short-term time support and is now contrast a neckline.

Technical Indicators Signals

The 100 SMA crossed subsequent a 200 SMA recently, that means that sellers are holding control of bitcoin cost action. The opening between a relocating averages is widening so bearish movement is removing stronger. In addition, a 100 SMA appears to be holding as energetic insurgency during a moment.

However, stochastic is streamer north so bitcoin cost competence follow suit. If sellers continue to stay strong, cost could only keep treading subsequent a relocating averages and eventually mangle subsequent a neckline during $650.

In that case, bitcoin could be in for some-more declines, substantially of around $30 that is a same tallness as a draft formation. Stronger offered vigour could take it down to a subsequent vital support during $600.

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