Bitcoin Price Technical Analysis for 07/22/2016 – Breakdown and Correction

Bitcoin price looks ready for a selloff but a quick correction from the breakdown might take place first, giving bears a better entry point.
Bitcoin Price Key Highlights
Bitcoin price recently broke below the ascending channel support, signaling that a reversal from the uptrend is about to take place. Price bounced off the $660 area and appears to be making a correction from here. Bitcoin could retest the broken support around the $670-675 levels before resuming its slide. Bitcoin price looks ready for a selloff but a quick correction from the breakdown might take place first, giving bears a better entry point.

This post was published at NewsBTC on July 22, 2016.