Bitcoin Trading Recoils From $300

Bitcoin trading attempted a push to $300, yesterday, but failed short of the target. Bitcoin price is currently declining along with its descending 1-hour 20-period moving average and the support floor may comfort traders after the scary experience.

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Bitcoin Price Analysis

Time of analysis: 08h24 UTC

Bitfinex 1-Hour Chart

Bitfinex 1-Hour Chart

From the analysis pages of, earlier today:

A lot of pushing and pulling in yesterday’s choppy price action just below $300.

As expected, price is falling away from the area of contention and the price pattern reminds of the mid-March attempt on $300. What is strange is that the market had already surmounted the $300 psych barrier earlier this month, but yesterday’s trade would have you believe pushing to $300 and beyond was an audacious proposition.

Our Sell Trade Recommendation is open and we watch the indicators for signs of potential reversal while we wait for price to sag to the support floor near $287. It may not sink that low, but

Read more ... source: CryptoCoinsNews