Bitcoin Price Analyses Feb-10 2016

Over the past 2 weeks, the price of bitcoin has been choppy at best, oscillating within a range defined by sell off from $450 to $352 over 5 days, January 10 – January 15. Since then, this range seems to be narrowing towards an apex, in what looks to be a triangular pattern approaching a break out point (more on this later). There is a good chance this goes on for a couple of more weeks, before a decisive move in March.

1

1

The real winners have been intraday traders, who have been longing and shorting these tight trading range on leverage. The short term movement is indecisive, and warrants zooming out on a larger time frame, the 1 week chart for a better glimpse. Here, (1) and (2) sloping trend lines shown below, are indicative of hanging on the balance.

2

2

Price is hugging trendline (2) current support. (1) is the next target level if $352 fails to hold, opening up price falls to as low as $330- $300.

With 160 days left



Read more ... source: TheBitcoinNews

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