Over the past 2 weeks, bitcoin price went up from a low retracement bottom at $ 346, going up to $ 467, attempting to touch last month’s $ 504 high. This rise up has been anything but momentous, especially compared to the run up to $ 502. Low volumes have accompanied this rise up. At current price levels, the trend has hit a resistance level at $467
“resistance at the ¥3,000 ($465) level. If it holds, we could be retracing to 2,000 yuan ($310)”
Here we see the move up from August at $ 198 to $ 502 was huge with no retracements, it was only a matter of time before it retraced. Since the peak, the market retraced the whole move up, then found a bottom at $ 320; this second attempt at maintaining the trend has met resistance. Low volumes highlighted also emphasise this.
This pattern looks eerily similar to January – February 2015.
“Possible fractal in play #BTC”
Read more ... source: DeepDotWeb
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