Bitcoin Price Technical Analysis for 08/04/2016 – Bears Revving Up!

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Bitcoin Price Key Highlights

  • Bitcoin cost done a clever rebound after a pointy drop, reflecting a improvement for sellers.
  • Price could lift adult to a damaged converging support or to a relocating averages before resuming a drop.
  • The new penetrate on a bitcoin sell in Hong Kong has put downside vigour on prices.

Bitcoin cost has exhibited clever bearish movement though is in a center of a retracement from a pointy downside move.

Technical Indicators Signals

The 100 SMA is next a longer-term 200 SMA, signifying that a trail of slightest insurgency is to a downside and that serve waste are likely. In addition, a opening between a relocating averages is widening to uncover that bearish vigour is removing stronger.

However, stochastic is streamer north so bitcoin cost could follow suit. In that case, cost could keep pulling adult higher, presumably until a energetic insurgency during a relocating averages around $640-660, that is also within a closeness of a damaged exquisite triangle support manifest on a 4-hour time frame.

If these areas reason as a ceiling, bitcoin cost could resume a dump to a spike down during $480 or most lower. On a other hand, a pierce past a $650 area could vigilance that bulls are staying in

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