Bitcoin Price Floor Broken: Bears Reign Supreme
Earlier this morning in our twice-daily bitcoin price watch piece, we suggested that the overarching momentum in the bitcoin price throughout the first half of this week has been to the downside. Perhaps it is due to speculation from a fundamental perspective, or perhaps it's just selling pressure that has arisen as a result of the sharp decline we saw over the weekend, but - whatever the reason - we explored the potential for further downside momentum throughout today's European session. The European session has now closed the day, and as it turned out, we did get some bearish action in....
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Bitcoin price pulled back from its recent rally and is finding support at a former resistance level. Bitcoin Price Technical Analysis. Bitcoin price is currently testing an area of interest and might be due for a bounce. The broken resistance around $715 is holding as support for the time being. Technical inflection points are also lining up with this area of interest. Technical Indicators Signals. The 100 SMA just crossed above the longer-term 200 SMA so the path of least resistance is to the upside. In addition these moving averages coincide with the former resistance around $715, adding....
Bitcoin price is encountering a lot of roadblocks on its move up north for now so bears might take advantage and push for a drop. Bitcoin Price Key Highlights. Bitcoin price is still moving inside its ascending channel pattern on the 1-hour chart but bears seem to be pushing for a downside break. Price has been hovering too close to the channel support for quite some time, which means that bulls are having trouble sustaining the climb. A break below the channel support could mark the start of a selloff until the next lows at $700-750. Technical Indicators Signals. The 100 SMA has just....
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