• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Bitcoin Price Technical Analysis for 09/02/2016 – Make or Break

newsbtc by newsbtc
5 years ago
in Technical analysis, Bitcoin
Reading Time: 2min read
bitcoin
Advertisement

Bitcoin Price Key Highlights

  • Bitcoin price is still in a downtrend on its longer-term time frames and today’s market catalyst could allow it to resume its selloff.
  • Price has yet to test the descending trend line connecting the highs of price action on the 4-hour chart.
  • Technical indicators seem to be hinting that an upside breakout is possible.

Bitcoin price is still deciding whether to bounce from or break above the descending trend line, depending on how U.S. data turns out.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA so the path of least resistance could still be to the downside. However, the gap between the moving averages is narrowing so an upward crossover looks possible. In that case, bullish momentum could pick up and lead to a break above the trend line resistance around $600.

Stochastic is heading north from the oversold region, hinting that sellers are already tired and might let buyers take over. If not, bitcoin price could resume its drop to the nearby support at $560 or lower.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin Price Technical Analysis for 09/02/2016 - Make or Break

Market Events

Economic data from the U.S. turned out weaker than expected yesterday, hinting that the upcoming top-tier NFP release could also print downbeat results. The ISM manufacturing PMI tumbled from 52.6 to 49.4, which indicates industry contraction, worse than the estimated fall to 52.0.

Of particular interest is the employment component, which showed another decline for August and hinted of a possible reduction in the total workforce. Analysts are expecting to see a 180K gain in non-farm payrolls for the month, lower than the earlier 255K increase.

Keep in mind that the ADP report featured a significant upgrade in the July figure from 179K to 194K, suggesting that previous NFP readings could also see upward revisions and add to the bottom line jobs gains. This, coupled with upbeat August data, could yield strong gains for the dollar across the board if Fed rate hike odds increase.

On the other hand, downbeat results could lead traders to pare their long dollar positions and yield a rally for bitcoin price.

Charts from SimpleFX

Tags: bitcoin pricebitcoin technical analysisbitcoin tradingbtcusd price
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

Ethereum

Ethereum Climbs above $1,600, Why ETH Could Soon Test $1,720

6 hours ago
Bitcoin Price

Why Bitcoin Price Could Start Strong Increase Above $50K

7 hours ago
bitcoin and Ethereum macro beating

Economist: Ethereum and Bitcoin Look “Bullish” After Withstanding “Macro Beating”

1 day ago
bitcoin dominance btc.d altcoins liftoff

Prepare For Liftoff: Bitcoin Loses Bear Market Trendline Against Altcoins

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bearish Correction Pauses: Focus Remains on Dollar and Yields

2 days ago
Ethereum

TA: Ethereum Dives Below $1,500, Why Bulls Are Losing Control

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

EcoCelium is Now Live – Ready to Mark the Next Step in DeFi

March 5, 2021

MXC Exchange Commits to Integrating USDC-SPL on Solana

March 5, 2021

Gambling Exhibition Ukrainian Gaming Week 2021: A Range of Products From Exhibiting Companies, an up-to-Date Program and a Special Offer

March 5, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.