Bitcoin Price Technical Analysis for 08/08/2016 – Bitcoin Bears Waiting…

Bitcoin price could be ready to resume its slide after it tests the nearby resistance around $610-620.
Bitcoin Price Key Highlights
Bitcoin price is still in the middle of a correction from its recent dive. A descending trend line can be drawn to connect the recent highs of price action on the 4-hour time frame. This trend line coincides with several areas of interest where bears could be waiting with sell orders. Bitcoin price could be ready to resume its slide after it tests the nearby resistance around $610-620.
Technical Indicators Signals
The 100 SMA is below the 200 SMA on the 4-hour chart so the path of least resistance is still to the downside. In addition, the gap between the moving averages is widening, which means that bearish pressure is strengthening.

This post was published at NewsBTC on 4:40 am August 8, 201.

Comments are closed.