[2016-08-14] newsbtc.com-Bitcoin Price Weekly Analysis –BTC/USD Under Bearish...

[Strongkored]

Bitcoin Price Weekly Analysis –BTC/USD Under Bearish Pressure

Key Points

  1  Bitcoin price recovered a few points recently against the US Dollar, but later found resistance near $590.
  2  There was a crucial contracting triangle pattern formed on the hourly chart (data feed from SimpleFX) of BTC/USD, which was cleared by sellers for a downside move.
   3 An hourly close below it could ignite further losses in BTC/USD in the short term.

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1714765890

[Kaneki]

The price formed a crucial contracting triangle pattern formed on the hourly chart (data feed from SimpleFX) of BTC/USD. After a consolidation phase the price moved down, and broke the triangle support area. So, technically, it looks like the pair completed a short-term correction, and moved down once again. The BTC sellers need an hourly close below the triangle support trend line, which may ignite further declines. It almost looks possible looking at the last 2-3 candles.If the price corrects higher from the current levels, then the same broken trend line can be seen as a sell area. The most important resistance on the upside is around the 100 hourly SMA.