Bitcoin Price Technical Analysis for 21/8/2015 – Rebounds

Bitcoin has rebounded after taking support from the trendline discussed earlier. The price is now trading at $232.73, 1.79 percent higher than yesterday. The rebound of the past two sessions is erasing the losses for the week.

bitcoin price chart

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As the cryptocurrency heads into the weekend, things become even more interesting as a new range is expected to trap Bitcoin. I am expecting the level of $220 to continue playing as a support while the zone of $240-242 should act as an upside barrier to Bitcoin.

Technical analysis of the daily BTC-USD price chart has been presented below.

Bitcoin Chart Structure – Even as Bitcoin stages a short-covering-led bounce, there is a less probability of it immediately piercing the earlier consolidation zone of $240-242. The level of $220 has attracted buying interest repeatedly before, and until and unless that breaks decisively, market participants can safely go long on declines.

Fibonacci Retracements –The 76.4 percent Fibonacci retracement of $242.36 is expected to add additional pressure on the bulls.

Moving Average Convergence Divergence – The MACD and the Signal Line continue to

Read more ... source: TheBitcoinNews