Bitcoin Price Technical Analysis for 07/26/2016 – Reversal Formation Seen!

Bitcoin price has formed a head and shoulders pattern on its short-term time frame and is currently testing the neckline.
Bitcoin Price Key Highlights
Bitcoin price has recently broken down from a long-term consolidation pattern, signaling an increase in selling pressure. A head and shoulders pattern can be seen on the 1-hour time frame and this is a classic selloff signal. Price is still above the neckline of the reversal formation, though, so it’s still early to confirm if further declines are in order. Bitcoin price has formed a head and shoulders pattern on its short-term time frame and is currently testing the neckline.

This post was published at NewsBTC on 4:11 am July 26, 201.

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