Bitcoin Price Technical Analysis for 09/26/2016 – Is a Selloff Brewing?

Bitcoin Price Key Highlights

  • Bitcoin cost has shaped reduce highs recently, suggesting that a short-term dump competence be in a cards.
  • Price is creation a discerning pullback from a new drop, presumably to make a retest of a damaged support during a 100 SMA.
  • Price is still hovering around an area of seductiveness during this indicate so it could be anyone’s game.

Bitcoin cost only recently came off a discerning dump and competence be prepared to resume a slip after this pullback.

Technical Indicators Signals

The 100 SMA is still subsequent a 200 SMA so a trail of slightest insurgency is to a downside. However, a opening between a relocating averages is squeezing so an ceiling crossover competence be due, signaling a change in trend.

For now, if a 100 SMA nearby $600 binds as resistance, bitcoin cost can be means to resume a drop, presumably until a subsequent near-term support during $590-592. A mangle subsequent that area could lead to a exam of a $585 mark.

Note, however, that stochastic is still relocating adult to advise that buyers are in control of bitcoin cost movement for now. If this bullish vigour is clever enough, bitcoin could pierce adult to a 200 SMA energetic insurgency around those highs

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