Bitcoin price surged earlier today to print a high of $325. It seems that the $290-$300 level is supporting the price quite well, as the downtrend has been always reversing whenever the price approaches the $310 level which reflects that this level is supporting bitcoin price quite well.
New Uptrend On The 1 Hour Charts:
By observing the 1 hour (BTC/USD) charts from Bitstamp (look at the below chart), plotting the 20,50 and 100 EMAs and executing the RSI and keeping the Fib retracements we plotted earlier this month, we can conclude the following:
- Just when bitcoin price fell to touch the $310 level at around 2:00 am today, a long downwards candlestick shadow was formed, which reflects the strong support at this level, and the downtrend was reversed and bitcoin price started rising to score a high of around $325.
- Since the 16th of November, price was well supported above the $300 level as shown by the long downwards shadows of the candlesticks whenever bitcoin price approached this critical level (look at the below chart).