Bitcoin Price Analysis: Steady Downtrend (Week of APR 19)

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The Bitcoin price continues its long steady decline.
Last week we said:
‘Bitcoin price has continued experiencing downside pressure and as of this writing the price looks headed for a retest of the 200 area. Last week’s recap: If US$240 doesn’t hold, the US$220 area could provide minor support, but U$200 would more likely be an area to watch for bigger support. If it fails to hold, a retest of the lows (US$165-180) will certainly be the next area to watch […].’
The price proceeded downward as we stated to reach US$210 before it rallied back up above minor support at US$220. As of this writing the price is ~224. Nothing has changed as far as the trend goes, bitcoin remains in a primary downtrend.
Long-Term The 1 year chart (long term) of bitcoin remains bearish. Price continues to decline. The price remains below all 3 of its Exponential Moving Averages (EMAs). The 50 day EMA will continue be a major resistance area and right now that is approximately at US$245.
Also note the slopes of all 3 EMA’s are bending downwards as well. This is symptomatic of falling prices that aren’t ready to rise and if they can continue to slope downwards the price will follow, which can lead to an accelerated downtrend.

This post was published at Coin Telegraph on 2015-04-21.