Bitcoin Price Technical Analysis for 08/02/2016 – Bearish Continuation Signal?

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Bitcoin Price Key Highlights

  • Bitcoin cost has been consolidating on a 4-hour time frame, relocating inside a symmetrical triangle pattern with a aloft lows and reduce highs.
  • Bitcoin is entrance off a clever downtrend, indicating that there competence be some downside movement left once bears are finished holding a break.
  • Price is contrast a bottom of a triangle converging settlement right now so a discerning rebound to a tip competence be possible.

Bitcoin cost could exam a tip of a triangle, that competence reason as insurgency given it coincides with a 100 SMA and is entrance off a clever downtrend.

Technical Indicators Signals

The 100 SMA is subsequent a longer-term 200 SMA so a trail of slightest insurgency is to a downside. This suggests that a $390-400 area competence keep gains in check, pulling bitcoin cost behind to a bottom of a triangle during $370-375.

Stochastic is on a approach up, after only creation it out of a oversold region. This indicates that bullish vigour is benefaction and that buyers could try to pull past a triangle resistance. If so, cost could exam a 200 SMA energetic rhythm indicate during $410 next.

RSI is on a pierce down though appears to be treading laterally during the

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