Bitcoin Price Technical Analysis for 16/9/2015 – Bears Reassert Their Dominance


Bitcoin has had a very quiet start to this week after the bulls failed to protect their support level of $235 during the last Sunday. The cryptocurrency recently took support from the mentioned technical level and rebounded to $240 before the selling pressure humbled the buyers.

Bitcoin is now trading at $230.49 and is being pressured to stay below the breached support which will now act as a resistance.

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The bears have reasserted their dominance. The upward biased price structure has been damaged and the technical indicators have turned bearish once again. But $220-225 being an extremely strong weekly support, will it be breached?

Bitcoin Chart Structure – After violating

Read more ... source: TheBitcoinNews