Bitcoin Price Technical Analysis for 07/27/2016 – How Low Can It Go?

Bitcoin price seems to be establishing a downtrend after confirming a reversal pattern, and technical indicators support this view.
Bitcoin Price Key Highlights
Bitcoin price recently formed a head and shoulders pattern on its short-term time frames, signaling that the recent uptrend may be over. Price has broken below the neckline support, which held as resistance on the retest. This adds confirmation that further losses are possible so it’s time to look at the nearby inflection points and areas of interest for potential targets. Bitcoin price seems to be establishing a downtrend after confirming a reversal pattern, and technical indicators support this view.

This post was published at NewsBTC on 3:24 am July 27, 201.