Bitcoin Price Technical Analysis for 08/31/2016 – Near a Ceiling

Bitcoin price could be ready to resume its selloff upon testing the descending channel resistance visible on its short-term charts.
Bitcoin Price Key Highlights
Bitcoin price is still trending lower on its short-term time frames, moving inside a descending channel on its 1-hour chart. Price is on a climb but might be due for a selloff soon since it is already near the ceiling at the channel resistance. A short-term double-top can be seen, also suggesting a reversal from the recent rally. Bitcoin price could be ready to resume its selloff upon testing the descending channel resistance visible on its short-term charts.

This post was published at NewsBTC on 4:28 am August 31, 201.