Bitcoin Price Technical Analysis for 11/04/2016 – A Much-Needed Selloff

Bitcoin price made a sharp break below a short-term rising trend line as buyers could no longer keep up the climb.
Bitcoin Price Key Highlights
Bitcoin price broke below the short-term uptrend line shown in a previous article as buying pressure seemed exhausted. Price is currently testing a near-term inflection point, which might still be able to hold as a floor. If bears put up a fight, a pullback to the broken trend line could be enough to bring more selling pressure. Bitcoin price made a sharp break below a short-term rising trend line as buyers could no longer keep up the climb.

This post was published at NewsBTC on November 4th, 2016.