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BTC price at press time: US$288
Last week’s price alert began with:
“Price has retreated in the wake of a Greek Deal, a DDOS attack on OKcoin, and a PBOC that is attempting to stabilize the Chinese markets. Over the last few days, price has traded in a tight range below US$280, unable to remain above. The price fell below a few levels identified as support, i.e. US$300, US$289, and US$280. Price continues to consolidate in the wake of the big June run-up. The big test that must hold is ~US$272, which is the 200 day Exponential Moving Average (EMA).”
Price went right down to US$272, the 200 day EMA and consolidated above it before jumping as high as ~US$293. That US$272 area is now providing big support. Getting to and staying above $300 is the real test as this mark has been quite elusive so far.
After the big run-up in price, a successful consolidation and test of new found support was successful near the 200 day EMA at ~US$272. The RSI has held above 50 even as the price went lower: 50 is the support level of RSI as the price is now