Bitcoin Price Technical Analysis for 13/7/2015 – Take Some Money off the Table!

By July 13, 2015Bitcoin Business
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bitcoin price additional strength
bitcoin price additional strength

In my previous analysis titled Awaiting the Showdown!, I had expressed that a big move would rock the market during the weekend and there is a high probability that it may be on the upside. As we can see, Bitcoin has jumped a huge 14% to cross the $300 barrier and is comfortably trading at $307.87. Intraday, the cryptocurrency hit a fresh 7-month high of $317.99 but stopped short of registering a new high for 2015.

However, today’s Bitcoin price analysis would focus on whether to stay long or book some profits in the positions.

Bitcoin price chart
Bitcoin price chart


Technical analysis of the Daily BTC-USD price chart indicates that the market is near a strong resistance level and it is only wise to book profits in the long positions.

Bitcoin Chart Structure – It can be clearly seen that the level of $308-310 has been retested earlier thrice: twice as a support level and once as a resistance. With price nearing those levels again, traders can book partial profits, and wait for a decline to the support line (drawn in the chart).

Moving Average Convergence Divergence – The MACD and the Signal Line are very strong at the moment, with values of 14.8326 and 9.6590 respectively. The Histogram value is at 5.1736.

Momentum – The Momentum reading has surged to a 5-month high of 51.9500.

Money Flow – One worrying aspect is that even as the price continues to trend higher, the Money Flow Index has been flat (check the chart); this divergence could be indicative of a future trend reversal.

Relative Strength Index – Another worrisome sign is that the daily RSI is now at the highest level of 2015: 79.4324. Readings closer to 80 indicate highly overbought conditions.


Given the considerations above, I think it would only be wise to lock in some profits and wait for lower levels to make a re-entry into Bitcoin.

Bitcoin Price Technical Analysis for 13/7/2015 – Take Some Money off the Table! - NEWSBTC

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