As mentioned in the previous Bitcoin price technical analysis, Afloat, But For How Long?, the remarkable work done by the bulls to defend their crucial weekly support of $220-225 has finally paid off during this weekend as Bitcoin price surged 5.29 percent to $241.01.
During the latest price move, Bitcoin also crossed a near-term resistance which had kept it subdued for several sessions. But let us now discuss the price targets, the supports and the resistances.
Bitcoin Chart Structure – Since August 19th, Bitcoin had been trading with its upside capped near $235 (we discussed this resistance in earlier analyses as well). This weekend the short-sellers were found of patience and eventually, the bulls won. According to the chart structure, I see good resistance near $260-270.
Moving Averages – Bitcoin can be seen trading just a tad above the 30-day SMA of $239.6230, however, it remains to be seen whether it will sustain above this level or not. The 200-day SMA of $250.4675 will act as the next hurdle for the bulls.
Fibonacci Retracements – It must also be noted