Bitcoin Price Technical Analysis for 08/25/2016 – Breakdown Alert!

Bitcoin price seems to be done with its climb, as sellers pushed for a break of the near-term channel support.
Bitcoin Price Key Highlights
Bitcoin price broke below the ascending channel support on its 1-hour chart, signaling that a reversal from the uptrend is in order. Technical indicators are still showing that the rally could resume at some point. A pullback to the broken channel support could take place before the selloff gains traction. Bitcoin price seems to be done with its climb, as sellers pushed for a break of the near-term channel support.
Technical Indicators Signals
The 100 SMA is still above the longer-term 200 SMA so the path of least resistance is still to the upside. However, the gap between the moving averages is narrowing so a downward crossover might be possible, indicating a return in selling pressure.

This post was published at NewsBTC on 6:30 am August 25, 201.