Bitcoin Price Analysis - Technical Analysis 08/08/2016

Bitcoin price continued to move higher against the US Dollar, and it looks like it may gain further. If you are looking to enter a buy trade, then you can consider it near the trend line with a stop below the 100 hourly SMA. A break below the 100 hourly SMA may call for further declines and could take the price towards the 37.9% Fib retracement level of the last wave from the $470 low to $601 high. Bitcoin price could be ready to resume its slide after it tests the nearby resistance around $610-620.