Bitcoin Price Technical Analysis for 17/12/2015 – Reversal Signal Forming?

Bitcoin Price Key Highlights

  • Bitcoin price appears to be having trouble sustaining its climb, as it is testing the ceiling at the latest highs.
  • If this area continues to hold as resistance, bitcoin price could complete a double top pattern with a neckline at $400.

Bitcoin price is undergoing weaker bullish momentum, with a return in selling pressure likely to spur a continued selloff.

Potential Downtrend

A break below the possible double top neckline could set off a longer-term downtrend for bitcoin price, likely taking it down to the next area of interest around $300-350.

For now, the 100 SMA appears to be holding as support. This short-term moving average is also above the longer-term moving average, indicating that the path of least resistance is to the upside.

However, bitcoin price might need to gather enough momentum to break past the latest highs around $465 before confirming that the uptrend is set to carry on. Stochastic and RSI are both on the move down, which suggests that sellers are still in control at the moment.

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Once the oscillators reach

Read more ... source: TheBitcoinNews

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