Bitcoin Price Technical Analysis for 08/12/2016 – Breakdown Alert!

Bitcoin price could be in for a selloff now that it broke below the short-term channel support and is testing the next inflection point.
Bitcoin Price Key Highlights Bitcoin price was previously trending higher on its short-term time frames, moving inside an ascending channel visible on the 30-min and 1-hour charts. Price was rejected on its test of resistance and made its way back down to the channel support as expected. However, this floor broke down, signaling that a reversal from the uptrend may be in order. Bitcoin price could be in for a selloff now that it broke below the short-term channel support and is testing the next inflection point.

This post was published at NewsBTC on August 12, 2016.