Bitcoin's southern journey continues - Technical Analysis - 29-01-2016
Bitcoin kept falling in the short-term trading, with the ongoing negative pressure of the SMA for the last 50 days period, while settling above the important resistance of $385.92, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 198.12 to 502.00), while noting a forming of a negative divergence in the Stochastic indicators as shown below the attached chart, along with an influx of negative signals from it.
Therefore we reaffirm our negative outlook for the virtual currency, targeting the support of 350.06, which represents the ratio 50% of the same retracement levels mentioned earlier.
Trend
Bearish