Bitcoin Price Technical Analysis for 05/02/2016 – Taking a Quick Break
The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. This means that a downside break from the consolidation pattern could be seen, taking bitcoin price on a longer-term selloff if a long red candle forms below $450.
In addition, stochastic is heading down from the overbought area so price might follow suit if bearish momentum continues to pick up. RSI is on middle ground but appears to be turning lower to show a return in selling pressure. After all, bitcoin came from a recent sharp drop so a continuation might be in order...
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Topic: [2016-05-02]Bitcoin Price Technical Analysis – Taking a Quick Break (Read 195 times)
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