Bitcoin Price Technical Analysis for 24/7/2015 – Missing the Volatility, right?

Bitcoin has a peculiar nature: one of the most volatile currencies of the world will either become extremely volatile or it will go into “slumber mode” for days at a stretch. And it is during those inactive days, that market participants seriously long for some volatility. Right now, we are missing the volatility.

Bitcoin is currently trading at $276.49, down 0.52% since yesterday. With this, Bitcoin has extended its streak of no significant action to seven days. The investor participation is on the lower end.

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Technically, from the look of the daily BTC-USD price chart, it seems that Bitcoin is testing the patience of the market participants and we may see a spike anytime soon.

Bitcoin Chart Structure – The cryptocurrency continues to remain trapped inside $275-281 for a week now. It has been making attempts to close above $280, but the efforts have proved not enough. The support of $271.50 is expected to be pierced easily in case of a sudden fall.

Moving Average Convergence Divergence – The MACD and the Signal Line are maintaining their positive values. With MACD at

Read more ... source: NewsBTC USA