Technical analysis of the bitcoin price on August 12, 2016. Attention!
The price of bitcoin can prepare for the sale as it has broken short term support of the channel and is currently testing the next inflection point.
Key points
- Previously on short time frames the trend of the price of bitcoin were to increase, the price was moving inside the ascending channel, the observed 30-minute and 1-hour charts.
- The price has deviated during a test of the resistance and paved the way down to the channel support - as expected.
- Nevertheless, the support broke and was cracked, which indicates a possible reversal of the uptrend, down.
Signals of technical indicators
100 SMA is still above the long term 200 SMA, so the chance of a rebound remains. However, the price has dropped below the dynamic support of 100 SMA and seems ready to break below the 200 SMA, which sets the stage for a potential crossing down.
Stochastic deep in the oversold, which means that sellers are beginning to exhaust the strength. The oscillator has yet to cross up and out of the oversold area before it will show the return of impulse buyers. If there is a rebound, the price of bitcoin may simply re-test the broken channel support around $590 before resuming the decline.
Well, what the rate of bitcoin will be in a week, we'll know in a week.
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