Bitcoin Price Technical Analysis for 08/18/2016 – Bears in Control

Bitcoin Price Key Highlights 

  • Bitcoin cost is trade in a downtrend, relocating subsequent a forward trend line on a daily time frame.
  • Price is gearing adult for a exam of a trend line and could be prepared to resume a selloff soon.
  • However, technical indicators are suggesting that shopping vigour competence still be present.

Bitcoin cost is pulling adult from a slip though competence be prepared to trend reduce on contrast a resistance.

Technical Indicators Signals

160818_bitcoin

160818_bitcoin

The 100 SMA is still above a longer-term 200 SMA so a trail of slightest insurgency could still be to a upside. In that case, a mangle past a trend line insurgency competence be a possibility.

At a same time, stochastic is still streamer north, that means that bullish movement is in play, presumably adequate to lift bitcoin cost adult to to a trend line. Sustained bullish vigour could coax an upside mangle and a annulment from a downtrend, though it would take a clever marketplace matter to trigger that.

If a trend line binds as resistance, bitcoin cost could resume a dump to a subsequent long-term support during a lows around $500 or maybe even create



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