Bitcoin Price Technical Analysis for 07/28/2016 – Bounce or Break?

Bitcoin price is hovering at the resistance of the short-term descending channel and could be in for a continuation or reversal.
Bitcoin Price Key Highlights
Bitcoin price seems to be establishing a downtrend now that it’s forming a descending channel on its 1-hour time frame. Price is now testing the channel resistance, still deciding whether to make a bounce or a break. Technical indicators seem to be indicating that the selloff could resume but there are also potential arguments for a reversal. Bitcoin price is hovering at the resistance of the short-term descending channel and could be in for a continuation or reversal.

This post was published at NewsBTC on 4:38 am July 28, 201.