Home / Bitcoin / Bitcoin Price Technical Analysis for 02/23/2018 – Short-Term Reversal Signal

Bitcoin Price Technical Analysis for 02/23/2018 – Short-Term Reversal Signal

Bitcoin Price Key Highlights

  • Bitcoin worth just lately shaped a head and shoulders development on its 1-hour chart.
  • Price has damaged under the neckline to turn downtrend is underway.
  • The chart development spans greater than $1,000 in peak so the ensuing selloff may well be of the similar measurement.

Bitcoin worth broke under a temporary head and shoulders development to sign that extra losses are within the playing cards.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to turn that the trail of least resistance is to the upside or that the rally may just proceed. However, the space between the shifting averages has narrowed to turn that bearish momentum may just kick in.

Stochastic is soaring round oversold ranges and may just flip upper to turn that consumers are able to get again in. RSI may be within the oversold house, which means that that dealers are exhausted.

In that case, a pullback to the damaged neckline round $10,250 may just occur ahead of promoting power beneficial properties extra traction.

Market Factors

The US greenback gave up flooring to maximum of its friends in contemporary buying and selling periods as chance urge for food picked up. However, bitcoin worth did not have the benefit of this as profit-taking is being blamed for the hot drop.

Zooming out to the longer-term charts presentations that worth hit a long-term house of passion at $12,000, which brought about some liquidation orders. This marked the second one instantly day of declines for bitcoin as sure sentiment over the hot regulatory information seems to be fading.

With that, bitcoin worth may just desire a recent sure catalyst ahead of resuming its rally. Otherwise, it might revisit the lows nearer to the $6,500 degree as increasingly more officers are expressing their doubts concerning the cryptocurrency.

Apart from that, the SEC charged former cryptocurrency change BitFunder and its founder Jon E. Montroll with fraud for working the operation as an “unregistered securities exchange” and allegedly defrauded purchasers.

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