Bitcoin Price Making Gradual Progress

Bitcoin price is holding above the rising support level near $276. Overhead, price faces some obstacles and may not advance immediately, but a larger advance seems more and more likely – with certain risk caveats, as outlined below.

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Bitcoin Price Analysis

Time of analysis: 04h33 UTC

Bitstamp 1-Hour Chart

Bitstamp 1-Hour Chart

From the analysis pages of, earlier today:

As discussed in yesterday’s last analysis post, price has not been advancing strongly due to sluggish moving averages following the weekend’s slow downward correction.

Price is holding above the 1-day 20MA support
and has advanced above the faster 1-hour MAs since Monday’s low.

The immediate obstacles to advance are a strong horizontal support-and-resistance zone around $280 and the 1-hour 200MA – currently just above $283. The market has had several opportunities to sell-off but which it has chosen not to pursue – the exception being BTC-e (and its frequent spikes) where price visited $150 on Saturday night. Yet, similar to the rest

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