The price of Bitcoin this week was stable, showing little change from last week’s price levels. Despite multiple attempts at breaching $600, this level proved resilient and forced price back down. News headlines however, were positive, with better news of adoption from the World Economic Forum and UK’s Gambling Commission.
This week has been part of a consolidation from August’s 2nd sell off to a 6 month low at $465. BitFinex’s hack left a scar on the market, and price has uncertain since. $600 was the highest peak on this retracement, but this level is a strong resistance. 2 attempts at $600 and $604 were not enough to breach, forcing the market to head lower for another bottom.
After failing to break past $604, price gradually declined to a $556 low. A deep V – shaped bottom on the 1 hour charts. This fractal resembles price the movement on the larger chart