Bitcoin Price Technical Analysis for 08/31/2016 – Near a Ceiling

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Bitcoin Price Key Highlights

  • Bitcoin cost is still trending reduce on a short-term time frames, relocating inside a forward channel on a 1-hour chart.
  • Price is on a stand though competence be due for a selloff shortly given it is already nearby a roof during a channel resistance.
  • A short-term double-top can be seen, also suggesting a annulment from a new rally.

Bitcoin cost could be prepared to resume a selloff on contrast a forward channel insurgency manifest on a short-term charts.

Technical Indicators Signals

The 100 SMA is subsequent a 200 SMA on this time frame, that means that a trail of slightest insurgency in a short-term is to a downside. Bitcoin cost is now contrast a insurgency during a 200 SMA energetic rhythm point, that competence already be adequate to move bearish movement back. The subsequent insurgency is located only subsequent $585.

Stochastic is streamer south so sellers are already starting to recover control of bitcoin cost action. A bearish dissimilarity can also be seen as cost done aloft highs given Aug 28 while stochastic had reduce highs then, also suggesting a lapse in bearish pressure. However, if bulls keep adult a fight, bitcoin cost could still have a shot during violation past a channel resistance

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