Bitcoin Price Technical Analysis for 19/01/2016 – Pullback to Double Top Neckline?

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Bitcoin Price Key Highlights

  • Bitcoin cost recently shaped a long-term annulment settlement afterwards pennyless next an ascending triangle converging pattern, confirming that a downtrend is in a works.
  • Price is pulling adult from a latest dive, presumably gearing adult for a retest of a damaged neckline support around $420.
  • Technical indicators are display that a improvement is in play for now and that sellers are watchful to brief during aloft levels.

Bitcoin cost competence be means to resume a dump on contrast a area of seductiveness and sketch some-more sellers to a mix.

Support Turned Resistance

The damaged support during a $420 neckline coincides with a energetic insurgency around a relocating averages. In addition, a short-term 100 SMA is next a longer-term 200 SMA, confirming that a trail of slightest insurgency is to a downside. If a 100 SMA moves over next a 200 SMA, bearish movement could collect up.

Stochastic is still streamer north, that means that buyers are in control for now, though is impending a overbought zone. Once a oscillator turns down from this area, offered vigour could mountain and bitcoin cost could resume a dump to a prior lows around $350.

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