Bitcoin Price Analysis March 2. 2016

Bitcoin Watch Shop

This week, bullish sentiments across the market have almost hit fever pitch. Traders are all watching the same pattern unfold, since November 2015, a high probability upper breakout.

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Raoul Paul, ex- Goldman sachs hedge fund manager tweeted this chart above saying

“On the subject of Bitcoin, this wedge offers a high probability of a big upside breakout soon.”

Because almost everyone and their mothers are waiting this, caution is advisable as the market likes to pull the unexpected. I am thinking of July – August last year, when traders were anxious for a cup and handle pattern to retrace a handle and break to the upside, only for it not to materialize, but instead continue down to a new low $198, before trending up to November’s 2015 $502 high.

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This week, the price of bitcoin fell to $408 from its $450 high last week. Since February 24, it has gradually crept up towards $440 resistance, but failed to break. Momentumnow seems to have faltered, possiblly heading lower before a second


Read more ... source: DeepDotWeb

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