Bitcoin Price Technical Analysis for 7/9/2015 – Exit on Further Gains

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.

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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

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