Bitcoin Price Technical Analysis for 29/01/2016 – Gathering Bearish Energy?

Bitcoin price recently made a downside break of a short-term symmetrical triangle consolidation pattern, indicating that bears are taking control.
Bitcoin Price Key Highlights
Bitcoin price recently made a downside break of a short-term symmetrical triangle consolidation pattern, indicating that bears are taking control.
Before pushing for more declines, a correction from the breakout move might take place, as sellers are keen on entering at better levels.
A descending trend line can be drawn to connect the recent highs of bitcoin price action and the Fibonacci retracement tool suggests potential entry levels.
Bitcoin price appears to be making a correction from the recent downside break, providing an opportunity for more bears to enter at higher levels.

This post was published at NewsBTC on 6:43 am January 29, 201.