Bitcoin Price Technical Analysis for 13/7/2015 – Take Some Money off the Table!

In my previous analysis titled Awaiting the Showdown!, I had expressed that a big move would rock the market during the weekend and  there is a high probability that it may be on the upside. As we can see, Bitcoin has jumped a huge 14% to cross the $300 barrier and is comfortably trading at $307.87. Intraday, the cryptocurrency hit a fresh 7-month high of $317.99 but stopped short of registering a new high for 2015.

However, today’s Bitcoin price analysis would focus on whether to stay long or book some profits in the positions.

Bitcoin price chart


Technical analysis of the Daily BTC-USD price chart indicates that the market is near a strong resistance level and it is only wise to book profits in the long positions.

Bitcoin Chart Structure – It can be clearly seen that the level of $308-310 has been retested earlier thrice: twice as a support level and once as a resistance. With price nearing those levels again, traders can book partial profits, and wait for a decline to the support line (drawn in the chart).

Moving Average Convergence Divergence – The MACD and the Signal Line are very strong at

Read more ... source: TheBitcoinNews