Bitcoin Price Technical Analysis for 08/08/2016 – Bitcoin Bears Waiting…

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Bitcoin Price Key Highlights

  • Bitcoin cost is still in a center of a improvement from a new dive.
  • A forward trend line can be drawn to bond a new highs of cost movement on a 4-hour time frame.
  • This trend line coincides with several areas of seductiveness where bears could be watchful with sell orders.

Bitcoin cost could be prepared to resume a slip after it tests a circuitously insurgency around $610-620.

Technical Indicators Signals

The 100 SMA is next a 200 SMA on a 4-hour draft so a trail of slightest insurgency is still to a downside. In addition, a opening between a relocating averages is widening, that means that bearish vigour is strengthening.

These relocating averages are within a closeness of a area of interest, that formerly reason as support and could now reason as resistance. A pierce past a trend line during $620 could vigilance a start of a annulment from a ongoing downtrend.

Stochastic is already in a overbought section and is branch lower, suggesting that sellers are already holding control of cost action. Further downside movement from a oscillator could pull some-more bears to a brew and pull bitcoin cost behind down to a lows during $475.

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