Bitcoin Price Breaks Above Resistance

Bitcoin Price Breaks Above Resistance

Bitcoin price followed a gold price move that broke above resistance today. The move, in both charts, comes as a surprise and we have to adjust our outlook.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC

OKCoin BTC/USD 4-Hour Chart


From the analysis pages of, earlier today:

Bitcoin price has pushed above a constraining trendline, and this event invalidates the expectation that price was building a base for advance.

Interesting to note that the gold price surged above long-term support (at $1,150) just prior to the bitcoin price chart trendline breach. Gold price is annotated in pale blue in the chart above (taken a few minutes prior to the bitcoin price surge)

The wave up is reverse diverged to January price highs at all timeframes from 1-day and smaller.

In the longer-term 4hr chart (above) price appeared

Read more ... source: TheBitcoinNews


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