Bitcoin Price Technical Analysis for 08/04/2016 – Bears Revving Up!

Bitcoin price has exhibited strong bearish momentum but is in the middle of a retracement from its sharp downside move.
Bitcoin Price Key Highlights
Bitcoin price made a strong bounce after its sharp drop, reflecting a correction for sellers. Price could pull up to the broken consolidation support or to the moving averages before resuming its drop. The recent hack on a bitcoin exchange in Hong Kong has put downside pressure on prices. Bitcoin price has exhibited strong bearish momentum but is in the middle of a retracement from its sharp downside move.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA, signifying that the path of least resistance is to the downside and that further losses are likely. In addition, the gap between the moving averages is widening to show that bearish pressure is getting stronger.

This post was published at NewsBTC on 4:31 am August 4, 201.

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