Bitcoin Price Technical Analysis for 25/9/2015 – Know This Range

After repeatedly testing and staying close to the floor of $220-225, Bitcoin has decided to head higher. On its upward course, the cryptocurrency has pierced two important resistance levels discussed earlier in False Breakdown and is now trading at $233.33, up 1.29 percent.

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There is another case that the market participants should be aware of: a new trading range. Even as Bitcoin climbs higher, I do not see it rushing its way up. Instead, I am expecting some consolidation if it reaches $245.

Take a look at the technical scenario by analyzing the daily BTC-USD price chart.

Bitcoin Chart Structure – Yesterday’s advance in price has helped Bitcoin to test its previous peak of $233. Currently, the cryptocurrency is trading above this level and may eventually head towards the resistance level of $245. The breached downward sloping resistance will now act as the support.

Fibonacci Retracements – While the 23.6% Fibonacci retracement of $226.32 has acted as a firm support, I am expecting the 38.2% Fibonacci retracement of $243.84 to also play its part.

Moving Average Convergence Divergence – The Histogram has

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