Daily Bitcoin Update (presented by https://plus.vbtc.vn/) As predicted in our analysis yesterday, the bitcoin price found strong upside momentum once it broke through the key resistance level of 365, rallying strongly to an intraday high of 397. Once here, the 390-400 resistance zone flexed its muscle, driving the price back down into bear trap territory where it sits now. We saw quite a few peaks and troughs over the day, suggesting that many market players used the rally as a selling opportunity. The BTC/USD price opened at 383 on the 4H Bitfinex chart after some strong buying to close out yesterday’s trading session. The price continued to rally over the day before the bears and profit takers took hold at around the 395 mark, pushing the price back down later in the session. The price currently sits at around 379 and looks to be consolidating above the 200-, 100- and 50-hours SMA. The RSI is sitting at around 55, indicating neutral to bearish market sentiment. What to Expect Today? The price looks stuck between its intraday high of 395 and its intraday low of 375. The charts do suggest moderate buying pressure at around the 375-380 area but also indicate that a break below 375 could drive the price back down to the key 350-support level. On the upside, bullish sentiment could take hold if the price breaks above the upper Bollinger band (pink line in the chart) in next few hours, with the potential to push the price up above 400. Conclusion Current Mood: Neutral-Bearish Moving Averages: Neutral (7 Buys 5 Sell) Technical Indicators: Strong Sell (0 Buy 8 Sell) The VBTC plus Long or Short Booster allows you to boost your returns in a rising or falling market using up to 8x leverage. You have flexibility to close out your position at any time and can invest from US$10.
Posted on: Wed, 26 Nov 2014 02:02:51 +0000
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