Bitcoin Price Technical Analysis for 3/8/2015 – What’s Coming??

The weekend brought pain for Bitcoin, but that was always on the cards. My Friday’s Bitcoin price technical analysis Palpable Strain concluded on a bearish note saying that a close below $286 could bring in further decline, and as can be seen, the cryptocurrency did slump intraday to $276.57 before taking support from near the previous consolidation level of $275.

Bitcoin is currently trading at $281.26.

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Now, the important question that must concern the trading community is: Is this relief from the support level for real or is it a trap? This analysis will aim to provide some answers.

Bitcoin price chart


Bitcoin Chart Structure – The recent decline from $298 to $276 diminishes the probability of an immediate higher top. A careful observation of the above-presented daily BTC-USD price chart reveals that Bitcoin is in a descending triangle – a bearish technical chart pattern which successfully matures 60-70% of the time. The Resistance has been marked by the downward sloping red line while the Support is horizontal.

Fibonacci Retracements

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