Bitcoin Price Technical Analysis for 08/25/2016 – Breakdown Alert!

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Bitcoin Price Key Highlights

  • Bitcoin cost pennyless subsequent a descending channel support on a 1-hour chart, signaling that a annulment from a uptrend is in order.
  • Technical indicators are still display that a convene could resume during some point.
  • A pullback to a damaged channel support could take place before a selloff gains traction.

Bitcoin cost seems to be finished with a climb, as sellers pushed for a mangle of a near-term channel support.

Technical Indicators Signals

The 100 SMA is still above a longer-term 200 SMA so a trail of slightest insurgency is still to a upside. However, a opening between a relocating averages is squeezing so a downward crossover competence be possible, indicating a lapse in offered pressure.

A continued dump could take bitcoin cost to a $575 area next, afterwards onto a longer-term area of seductiveness during $550. However, stochastic is indicating adult and competence be hinting that bulls could put adult a fight. In that case, bitcoin cost could still shelter to a damaged support during $580 before streamer serve south.

A stronger lapse in shopping vigour could take bitcoin behind adult to a channel insurgency tighten to $590, nonetheless it would take a clever marketplace matter to let that happen.

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