Bitcoin Price Technical Analysis for 7/7/2015 – Minor Profit Booking

By July 11, 2015Bitcoin Business
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bitcoin price, bitcoin, bitcoin technical analysis, bitcoin charts, trade bitcoin,
bitcoin price, bitcoin, bitcoin technical analysis, bitcoin charts, trade bitcoin,

Traders seem to have booked partial profits in their long positions as Bitcoin traded higher. Realizing that the massive gains have come in a very short period of time, they liquidated their positions thereby bringing the price down to its near-term support of $267.

Bitcoin is now trading up 0.73% at $270.97.

Bitcoin price chart
Bitcoin price chart

Image: https://www.tradingview.com/x/sXPfY9X6/

Technical analysis of the 240-minute BTC-USD price chart suggests that bulls continue to have a tight grip over the situation. However, the recent price action also indicates that Bitcoin may consolidate for a brief period before making another move.

Bitcoin Chart Structure – As can be seen from the chart above, Bitcoin went on to touch a fresh 3-month high of $278.54 as the Greece crisis continued to worsen. But, a bout of profit booking forced the price down by $10 to $268, which has previously acted as a support level for the cryptocurrency.

Moving Average Convergence Divergence – Both MACD and Signal Line are reflecting strong positive levels. The MACD indicator value reads 4.4244 while the Signal Line value is 3.8655. The Histogram value has witnessed a considerable cut; from yesterday’s 1.6789 to the present 0.5589.

Momentum – The Momentum indicator is strongly in support of the buyers with a value of 10.8500.

Relative Strength Index – The underlying strength has eased a little, pulling the value from near-overbought to more stable levels. The latest 14-4h RSI value is 59.9859.

Conclusion

Bitcoin has had a great run during the Greece crisis, and calls of Bitcoin hitting $300 by the end of this week are getting louder. However, I would advise the market participants to book profits in their long positions as the price trades higher and not wait for $300. Traders can consider building light long positions at the current level for a target of $275 by placing a stop-loss below $267.

Bitcoin is now trading up 0.73% at $270.97. Bitcoin price chart Image: https://www.tradingview.com/x/sXPfY9X6/

Technical analysis of the 240-minute BTC-USD price […]

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