Bitcoin price rose 2 percent to cross the $270-mark. I discussed in my previous Bitcoin price analysis titled Time to buy some that the cryptocurrency could stage a small comeback rally as technical factors played out.
Bitcoin price touched an intraday high of $271.50 and is now trading at $270.22.
Technical analysis of the daily BTC-USD price chart states that market participants should exit their long trades if the price were to rise further to $275-277.
Bitcoin Chart Structure – The support of the descending triangle will now act as the resistance for Bitcoin. The downward sloping trendline of the triangle will put an additional pressure on the bulls near $280.
Fibonacci Retracements – Bitcoin has risen above the 50% Fibonacci retracement of $268.50 but it is very unlikely that it also crosses the 61.8% Fibonacci retracement of $280.18.
Moving Average Convergence Divergence – The Signal Line is failing at arresting the decline in its value and is now at the verge of kissing 0. MACD stays in the