Bitcoin Price Technical Analysis for 10/19/2016 – Bearish Pressure Looming

Bitcoin price could continue to consolidate but if a breakout occurs, technicals are favoring a downside move.
Bitcoin Price Key Highlights
Bitcoin price is still stuck in its tight range on the short-term time frames, bouncing off support once more. A test of the near-term resistance could be in the cards but technical signals are pointing to a downside break. Buyers seem to be running out of momentum or traders are simply waiting for fresh market catalysts. Bitcoin price could continue to consolidate but if a breakout occurs, technicals are favoring a downside move.
Technical Indicators Signals
The 100 SMA is above the longer-term 200 SMA for now, which suggests that buyers still may have a bit of energy left in them. However, the gap between the moving averages is narrowing so a downward crossover may be imminent. If it happens, more sellers could hop in and trigger a downside break of consolidation for bitcoin price.

This post was published at NewsBTC on 4:12 am October 19, 201.

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