Bitcoin Price Technical Analysis for 9/9/2015 – Another Day, Another Dollar

The popular saying Another Day, Another Dollar seems very apt in the current Bitcoin market which is seeing gains of a dollar a day. Since our previous observation at $242.03, Bitcoin has added $1 to be trading at $243.08.

And not much has changed in the chart structure and the technical picture in the past 24 hours. Take a look at the latest case for Bitcoin.

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Bitcoin Chart Structure – We discussed in the previous Bitcoin price analysis A Couple of Resistances that the cryptocurrency was struggling to cross $244, however, the price went on to hit an intraday high of $246.24 later in the day yesterday. This is one positive sign coming in for Bitcoin.

Fibonacci Retracements – Even though Bitcoin crossed $244 and closed yesterday at $244.21, it is presently trading below the 38.2% Fibonacci retracement of $243.84. But there is nothing to be concerned about as flirting with this technical level was always expected.

Moving Averages – Add to the list of positives the breakout of Bitcoin price above the 30-day SMA. The immediate resistance will come

Read more ... source: NewsBTC USA