In what appears to be the first conclusive sign of an upcoming breakdown, Bitcoin ended yesterday’s trading session at the lowest closing for September-to-date. And currently, Bitcoin seems to be staging a fake pullback to entice more market participants to go long without reading too much into the breakdown.
Bitcoin is currently trading at $227.92 and the resistance is now at $228.60.
In the previous Bitcoin price technical analysis A Disappointing End to the Week!, we discussed how the technical indicators were reflecting the bearish sentiments in Bitcoin, and today, we are going to continue a tad more with that.
Bitcoin Chart Structure – Yesterday, the cryptocurrency fell in quick time to a low of $225 before pulling back, but failed to respect the support line (marked now in the above chart as Resistance) which had cushioned it several times before.
Moving Average Convergence Divergence – The MACD and the Signal Line continue to stick with each other in the negative territory. Their respective values of -3.1691 and -3.0603 should be a reason of worry to the Bitcoin bulls.