Bitcoin Price Technical Analysis for 08/12/2016 – Breakdown Alert!

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Bitcoin Price Key Highlights

  • Bitcoin cost was formerly trending aloft on a short-term time frames, relocating inside an descending channel manifest on a 30-min and 1-hour charts.
  • Price was deserted on a exam of insurgency and done a approach behind down to a channel support as expected.
  • However, this building pennyless down, signaling that a annulment from a uptrend might be in order.

Bitcoin cost could be in for a selloff now that it pennyless subsequent a short-term channel support and is contrast a subsequent rhythm point.

Technical Indicators Signals

The 100 SMA is still above a longer-term 200 SMA so there could be a possibility for a bounce. However, cost has already dipped subsequent a energetic support during a 100 SMA and looks prepared to mangle subsequent a 200 SMA as well, environment a theatre for a intensity downward crossover after on.

Stochastic is low in a oversold region, that means that sellers are starting to get exhausted. The oscillator has nonetheless to cranky aloft and make a approach out of a oversold area before it indicates a lapse in shopping momentum. If a rebound takes place, bitcoin cost could simply retest a damaged channel support around $590 before resuming a drop.

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