Bitcoin Price Technical Analysis for 15/6/2015 – A Breakout Everybody’s Waiting For!

By June 15, 2015Bitcoin Business
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Bitcoin Price Technical Analysis for 15/6/2015 – A Breakout Everybody’s Waiting For!

As expected, Bitcoin has ended its boring period over the weekend and things have taken an interesting turn as the price rose above strong resistance levels. Bitcoin has jumped 1.4% since Friday’s observation to trade at $232.17, a level which is eagerly watched by all market participants. And technically, the current market conditions strongly favor the bulls.

Bitcoin

Image: https://www.tradingview.com/x/fqNc3FkD/

Technical analysis of the above presented 240-minute BTC/USD price chart conveys that bulls might eventually take the price higher to $245.

Bitcoin Chart Structure – As can be seen from the chart above, consistent buying has pulled the price above the previous consolidation level of $231. With this appreciation, the price has tested the downward sloping resistance line (marked in the chart) and edged lower. However, as the price maintains its higher ground, there is a high probability that this resistance may be breached on the upside and price may shoot up to $245, following massive short covering.

Fibonacci Retracements – Bitcoin is aptly using the Fibonacci retracement levels as stepping stones. First, it took support from the 61.8% retracement level of $227 and managed to cross over the 50% retracement hurdle of $231. It is currently now taking support from the 50% retracement level and challenging the aforementioned resistance.

Moving Average Convergence Divergence – The latest MACD, Signal Line and Histogram values of 1.0674, 1.0148 and 0.0526 respectively, propose that significant bullishness is left in the rally.

Momentum – The Momentum indicator reading has yet again turned positive; the reading has jumped from -0.6700 to 2.4100.

Relative Strength Index – Bitcoin is maintaining the underlying strength even as it struggles to leapfrog the resistance. The latest RSI value is 63.0674.

Conclusion

Bitcoin’s chart structure and technical indicators point toward a strong positive undertone. Traders should go long on dips for a target of $240. Create fresh long positions on a breakout above $233 as well. Expect volatility to remain relatively subdued.

Technical analysis of the above presented 240-minute BTC/USD price chart conveys that bulls might eventually […]

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