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.
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