The weekend brought pain for Bitcoin, but that was always on the cards. My Fridays Bitcoin price technical analysis Palpable Strain concluded on a bearish note saying that a close below $286 could bring in further decline, and as can be seen, the cryptocurrency did slump intraday to $276.57 before taking support from near the previous consolidation level of $275. <\/p>\n
Bitcoin is currently trading at $281.26. <\/p>\n
Now, the important question that must concern the trading community is: Is this relief from the support level for real or is it a trap? This analysis will aim to provide some answers. <\/p>\n<\/p>\n
Image: https:\/\/www.tradingview.com\/x\/qpzvELmb\/<\/a> <\/p>\n Bitcoin Chart Structure The recent decline from $298 to $276 diminishes the probability of an immediate higher top. A careful observation of the above-presented daily BTC-USD price chart reveals that Bitcoin is in a descending triangle a bearish technical chart pattern which successfully matures 60-70% of the time. The Resistance has been marked by the downward sloping red line while the Support is horizontal. <\/p>\n Fibonacci Retracements As stated previously many times, the 38.2% Fibonacci retracement level of $280 did provide aninterim cushion to the Bitcoin. A decisive breach below this should set the next target at $268 the 50% retracement. <\/p>\n Moving Average Convergence Divergence The Histogram has sunk lower in the negative territory as MACD extends its slide. The latest values of Histogram, MACD and Signal Line are -2.3278, 3.9254 and 6.2531 respectively. <\/p>\n Momentum The Momentum indicator has a present value of -7.7500. <\/p>\n Money Flow Index As stated in theprevious analysis, the divergence between MFI and price has brought losses to Bitcoin. The MFI now reads 59.7792. <\/p>\n <\/p>\n Follow this link: The weekend brought pain for Bitcoin, but that was always on the cards. My Fridays Bitcoin price technical analysis Palpable Strain concluded on a bearish note saying that a close below $286 could bring in further decline, and as can be seen, the cryptocurrency did slump intraday to $276.57 before taking support from near the previous consolidation level of $275. Bitcoin is currently trading at $281.26 Continue reading
\nBitcoin Price Technical Analysis for 3\/8\/2015 Whats ...<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"