Bitcoin Price Technical Analysis for 08/17/2016 – Testing Area of InterestThe 100 SMA is below the longer-term 200 SMA, confirming that the path of least resistance is still to the downside. In addition, bitcoin price is testing resistance at the 200 SMA dynamic inflection point, which might be enough to keep gains in check. If so, bitcoin could slide back to the previous lows around $560-565. Stochastic is already indicating overbought conditions, also confirming that bears are about to take control of price action once more. If bulls put up a strong fight though, a move up to the next resistance around $590 could be in the cards...
http://www.newsbtc.com/2016/08/17/bitcoin-price-technical-analysis-08172016-testing-area-interest/
