Bitcoin Price Technical Analysis

 

This is a classic reversal signal which indicates that price could fall by the same height as the formation,Bitcoin price is trending lower after breaking below the neckline of its head and shoulders pattern which spans around $9,500 to $11,500.Technical indicators are also showing that the short-term selloff could continue.

 These moving averages could hold as dynamic resistance levels in case of corrections as well.  The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside or that the selloff could carry on.  A break below the $9,300 level could be enough to confirm that bears are gaining traction. 

 The 100 SMA is just below the $10,000 major psychologicl resistance while the 200 SMA is close to $10,500. 

 DISCLAIMERS:THIS ARTICLE IS NARRATED FROM NEWSBTC.COM . This #article should not be taken as, and is not intended to provide, #investment #advice. Please conduct your own thorough research before #investing in any #cryptocurrency. 

source: https://www.newsbtc.com/2018/02/26/bitcoin-price-technical-analysis-02-26-2018-head-shoulders-breakdown/

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