Bitcoin Price Technical Analysis for 09/20/2016 – Aiming for Next Support?

Bitcoin Price Key Highlights
Bitcoin price has been unable to establish a clear direction in the past few days as traders seem to be waiting for the top-tier catalysts. On the shorter-term time frames, it can be seen that bitcoin price seems to be heading close to the support at $605. A small reversal pattern can be seen so a bounce might be due but technical indicators are hinting otherwise. Bitcoin price might be aiming for a bounce off the nearby support zone, although a downside break is also possible.
Technical Indicators Signals
The 100 SMA is crossing below the longer-term 200 SMA on its 15-minute time frame, suggesting that the path of least resistance is to the downside. If so, BTCUSD could attempt to break below the nearby floor at $605 for a test of the next support around $580.

This post was published at NewsBTC on 3:33 am September 20, 201.

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