[2016-08-15]Bitcoin Price Technical Analysis – Support Turned Resistance

[BTCBinary]

Bitcoin Price Technical Analysis for 08/15/2016 – Support Turned Resistance

The 100 SMA is making a downward crossover from the 200 SMA to show that bearish pressure is getting stronger. Once this downtrend signal is completed, more sellers could jump in the game and push for a test of the recent lows at $565. Bitcoin price could find resistance at the descending trend line connecting the latest highs of price action since August 10, as this lines up with a former support zone around $580. A move past this area could still draw resistance from the dynamic inflection points around the moving averages...

http://www.newsbtc.com/2016/08/15/bitcoin-price-technical-analysis-08152016-support-turned-resistance/