Bitcoin Price Technical Analysis for 22/9/2015 – First Conclusive Sign of Breakdown?

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.

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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.


Read more ... source: NewsBTC USA