Bitcoin Price Technical Analysis for 13/01/2016 – Sellers Unite!

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Bitcoin Price Key Highlights

  • As hinted in yesterday’s update, bitcoin cost was due for a downside mangle of a triangle support manifest on a 4-hour time frame.
  • Price had been formerly consolidating inside a long-term descending triangle after combining aloft lows and contrast insurgency during $465.
  • With this downside break, bitcoin cost could eventually make a approach towards a $400 area of interest.

Bitcoin cost could bear stronger bearish movement in a entrance days after it pennyless next a descending triangle support.

How Low Can It Go?

The triangle draft settlement spans $350 to $465 so a ensuing relapse could final by a same amount, nonetheless there are near-term support areas visible. The short-term 100 SMA is now holding as a energetic support turn though it is next a longer-term 200 SMA so a trail of slightest insurgency is to a downside.

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Stochastic is on a pierce down, confirming that sellers are holding control and prepared to pull bitcoin cost serve south. RSI is also relocating reduce though is already nearby a oversold region,

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