Bitcoin Price Holding at Support Floor

Bitcoin price slammed down to support yesterday and again tested the $220 and 1450 CNY level overnight (UTC). There is never any justification for calling a bottom without confirmation in the chart, yet, there are technical indications that suggest advance.

This analysis is provided by with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Bitcoin Price Analysis

Time of analysis: 07h27 UTC

Bitstamp 4-Hour Chart

Bitstamp 4-Hour Chart

From the analysis pages of, earlier today:

An overnight (UTC) decline failed to make a new low and the chart is primed to push higher.

Price had plunged below its 4-hour 200MA (red) to the support floor at $220 (Bitstamp). The most recent wave down failed to push lower and strong buying is evident on the upward rebound.

We now start looking for confirmations of advance – all the while expecting price to potentially only be in a correction. As the confirmations are affirmed through timeframes, we will build a position – a strategy not frequently used here at, but that the present opportunity calls for.

Our first expectation

Read more ... source: CryptoCoinsNews