Bitcoin Price Recovering From Last Week’s Nosedive!

Bitcoin price continued rising earlier today to print a high of $350. The buying volume of the market is rising as reflected by the market’s volume depth graphs on bitfinex and bitstamp. It seems that bitcoin price will continue rising during the next few hours to test again the %23.6 retracement level at ($341) according to the Fibonacci retracement we plotted on our analysis on the 12th of November.

Bullish Candlesticks on the 1 Hour Charts:

By examining the 1 hour (BTC/USD) charts from Bitstamp (look at the below chart), plotting the Bollinger bands and executing the William’s Alligator indicator, we can notice the following:

  • Today’s trading sessions on Bitstamp led to the formation of 7 greenish bullsih candlesticks, as opposed to only 3 reddish bearish candlesticks. A high of around $350 was scored after breaching the resistance that corresponds to the 23.6% Fibonacci retracement level ($341); however, it dropped now to $335.
  • Despite today’s earlier price drop, we can now plot a new uptrend line (the green trend line on the below chart) that started pushing the price North since yesterday at 14:00 GMT. Bitcoin price is now well below the Bollinger upper band, so conditions are favorable to see it rise

    Read more ... source: TheBitcoinNews