Bitcoin Price Technical Analysis for 08/26/2016 – More Bearish …

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Bitcoin Price Key Highlights

  • Bitcoin cost recently pennyless next a short-term uptrend formation, signaling that a selloff was in order.
  • On a 4-hour time frame, bitcoin is display some-more annulment signals after it unsuccessful in a final dual attempts to mangle past a $590 area.
  • A tiny double tip settlement can be celebrated on this chart, with cost still gearing adult to exam a neckline support.

Bitcoin cost could be due for some-more waste once it breaks next a double tip neckline around $560.

Technical Indicators Signals

The 100 SMA is next a longer-term 200 SMA on this time frame, confirming that a trail of slightest insurgency is to a downside. However, a opening between a relocating averages is narrowing, that suggests that an ceiling crossover and lapse in bullish vigour could be possible.

Stochastic is also on a pierce up, hinting that buyers could take control of cost action. A bit of bullish dissimilarity can be seen given stochastic done reduce lows given mid-August while cost had aloft lows then. In that case, bitcoin cost could conduct adult to a prior insurgency around $590-600, that is tighten to a 200 SMA energetic rhythm point.

On a other hand, a clever mangle next a neckline could send bitcoin

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