Bitcoin Price Tests Support

Bitcoin Price Tests Support

After being sold, during late US trading on Friday, to a trendline that has provided support since the middle of March bitcoin price is straining higher, early Sunday.

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Bitcoin Price Analysis

Time of analysis: 00h00 UTC

Bitstamp 4-Hour Chart


From the analysis pages of, earlier today:

The supporting trendline (blue) approximately overlaps a long-term Fib line that originates at the January 2015 low (not shown).

Any decline below this trendline will herald a larger decline. Price may poke below it, but what we want to see is a 1-hour candle open below the trendline, as well as, close below it. This is the typical sign that market traders look for to confirm that a supporting level (or chart feature) has been breached. However, the bitcoin market is less methodical and may just

Read more ... source: TheBitcoinNews

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