Bitcoin Price Technical Analysis for 8/12/2015 – Hitting a Ceiling!

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Bitcoin Price Key Highlights

  • Bitcoin’s cost has been trending higher, recently completing a visual call and reaching one of a Fibonacci prolongation levels indicated in an earlier article.
  • The cost is now contrast a descending channel’s insurgency manifest on a 4-hour draft and competence be due for a pierce behind towards support, again.

Bitcoin prices could be in for a discerning selloff from here, as risk hatred is spurring direct for a safe-haven dollar, presumably permitting a exam of a channel support.

Support during $380?

The 100 SMA is relocating above a 200 SMA, indicating that a uptrend competence lift on. In addition, a relocating averages are right around a bottom of a descending channel, adding to a intensity strength as a support zone.

The $400 turn is a good area to book increase for bulls, so this competence coax a bit of a drop. In addition, stochastic research is indicating overbought conditions and is branch lower, suggesting that sellers are about to take control.

RSI is also on a approach down, with a slight bearish divergence, to boot. Notice how bitcoin prices done aloft highs from a start of December, while a oscillator done reduce highs.

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