Bitcoin Price Technical Analysis for 8/9/2015 – A Couple of Resistances

Bitcoin is currently trading at $242.03, just slightly above the previous observation of $241.01. But Bitcoin is facing mild profit booking near two resistance levels which we will discuss today.

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Listed below are the latest technical indications drawn from the daily BTC-USD price chart.

Bitcoin Chart Structure – As Bitcoin rises, it must be noted that the cryptocurrency has been unable to cross $244 for the past couple of sessions. The support for Bitcoin is near $235.

Fibonacci Retracements – Another reason why $244 merits the status of resistance is because of its close proximity to the 38.2% Fibonacci retracement of $243.84. But, this will be taken out eventually and Bitcoin should head towards the 50% Fibonacci retracement of $258.

Moving Averages – In yesterday’s session, after much struggle, Bitcoin finally closed above the 30-day SMA of $239.5967. The next crucial moving average resistance is expected to be the 200-day SMA of $250.4461.

Moving Average Convergence Divergence – The Histogram extends its gaining spree by another day, pushing its value up to 3.8773. MACD and Signal Line, both are fast progressing towards

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