Bitcoin Price Weekly Analysis – Risk of Bounce Grows

Key Highlights

  • Bitcoin price this past week traded as high as $460 before finding sellers around the stated level.
  • The price is currently moving lower and heading towards a major support area at $439 if we looks at the 2-hours chart via the data feed from Bitstamp.
  • There is also a major triangle pattern formed if we consider a higher timeframe like the daily chart with the data feed from

Bitcoin price may be heading towards a crucial support area of $444, which can be considered as a buy area in the near term.

Buy Dips?

Bitcoin price this past week surged higher and traded near $460 where sellers appeared to defend more gains. The price after a failure to break the stated level started correcting lower. It already moved down and tested the 50% Fib retracement level of the last wave from the $26 low to $460 high. Let us see whether the 50% Fib level can protect a downside break or not. However, there is a major support forming near the 61.8% Fib retracement level of the last wave from the $426 low to $460 high, which is coinciding with the 100 simple moving average (H2).

Read more ... source: TheBitcoinNews