Bitcoin Price Technical Analysis for 03/08/2016 – Short-Term Downtrend BrewingApplying the Fibonacci retracement tool on the latest swing high and low shows these resistance levels: 50% Fib at $411.66 and 61.8% Fib at $418.72, which is close to the trend line at $420.
In addition, the 200 SMA could hold as a dynamic inflection point, keeping gains in check and allowing the selloff to resume as this lines up with an area of interest or former short-term support zone.
Also, the 100 SMA is safely below the longer-term 200 SMA and is increasing the distance, reflecting the presence of and buildup in bearish pressure. RSI is still pointing up but is nearing the overbought level so buyers are feeling tired while stochastic is indicating overbought conditions but has yet to turn lower.
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