Bitcoin Price Chart – The Bitcoin bulls were thrashed as relentless selling by both the investors and the short-term traders pushed the price down to an intraday low of $221 on huge volume. $220 being a good base for Bitcoin compelled the short-sellers to book partial profits and also encouraged some buying.
Fibonacci Retracements – After failing to climb above the 61.8 percent Fibonacci retracement of $256.82, Bitcoin has retraced the complete rally.
Moving Average Convergence Divergence – The MACD, Signal Line and the Histogram have nosedived to -9.3884, -4.6925 and -4.6959 respectively.
Momentum – The extreme pessimism is also conveyed by the Momentum reading of -29.3900.
Money Flow Index – It is not everyday that you will see the MFI succumb to 6.9021.
Relative Strength Index – The RSI dipped in the oversold region for a brief period before rising to 31.4668.
Conclusion
As Bitcoin crashes to a 10-week low on huge volumes, market participants should only look to create short positions on rallies. Resistance is now at $240-242.
And I hope, you have exited your longs.
http://www.newsbtc.com/2015/08/19/bitcoin-price-technical-analysis-for-1982015-the-death-of-bull/
