Bitcoin Price Technical Analysis for 07/08/2016 – Downtrend Pullback

Bitcoin price appears to be making a correction from its downtrend, with several inflection points lined up around $660.
Bitcoin Price Key Highlights
Bitcoin price recently made a selloff but it has since pulled up from this dive. A descending trend line can be drawn to connect the recent highs of price action on the 1-hour time frame since the start of this month. Price could pull up to this trend line before the selloff resumes. Bitcoin price appears to be making a correction from its downtrend, with several inflection points lined up around $660.
Technical Indicators Signals
Bitcoin price is currently stalling at an area of interest at $645, which previously held as support and is now holding as a ceiling. This also coincides with the 50% Fibonacci retracement level on the latest swing high and low.

This post was published at NewsBTC on 4:10 am July 8, 201.

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