Bitcoin Price Technical Analysis for 10/06/2015 – Pullback Before the Dive?

Bitcoin price could be ready to resume its dive after this quick correction, but the consolidation does look like a continuation signal.
Bitcoin Price Key Highlights
Bitcoin price recently broke below its ascending channel support visible on the 1-hour and 4-hour charts. This signals that the uptrend may be over and that a reversal is in the works. Price found support at the 200 SMA and made a pullback to the broken channel floor, which might now hold as resistance. Bitcoin price could be ready to resume its dive after this quick correction, but the consolidation does look like a continuation signal.

This post was published at NewsBTC on 3:38 am October 6, 201.