Bitcoin Price Technical Analysis for 07/27/2016 – How Low Can It Go?

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Bitcoin Price Key Highlights

  •  Bitcoin cost recently shaped a head and shoulders pattern on a short-term time frames, signaling that a new uptrend might be over.
  • Price has damaged next a neckline support, that hold as insurgency on a retest.
  • This adds acknowledgment that serve waste are probable so it’s time to demeanour during a circuitously rhythm points and areas of seductiveness for intensity targets.

Bitcoin cost seems to be substantiating a downtrend after confirming a annulment pattern, and technical indicators support this view.

Technical Indicators Signals

The 100 SMA is still next a 200 SMA so this selloff could lift on. In addition, a 100 SMA appears to have hold as a energetic insurgency area from here, as it coincided with a pullback to a damaged conduct and shoulders neckline during $655.

Bitcoin cost is still stalling during the near-term support around $650 though a mangle next this area could pull some-more sellers to a mix. Stochastic is still indicating down and streamer south so cost could follow suit, presumably environment a sights on a lows nearby $630.

Keep in mind, however, that stochastic is also impending a oversold area so a spin in a oscillator could hint a bit of profit-taking as sellers take a break.


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