Bitcoin Price Soaring Into The Sun – A Rubber Band Effect?

By November 26, 2015Bitcoin Business

bitcoin price rubberband effect Bitcoin price skyrocketed earlier today to print a high of around $370. Just like we predicted along yesterday’s analysis , bitcoin price soared right after bypassing the resistance level at $330.1. The price surged to breach the resistance at $350, before dropping below it as bitcoin is now trading at $347. New Uptrend On The 1 Hour Charts: Let’s examine the 1 hour (BTC/USD) charts from Bitstamp (look at the below chart). We will keep the Fibonacci retracements we plotted during yesterday’s analysis and execute the stochastic oscillator. We can note the following: After the Elliot bearish supercycle was completed, bitcoin price started to rise, bypassing the resistance at the 50% Fibonacci retracement level. A few hours later, the price surged to breach the resistance at $350 and continued rising to a high of $370, yet the market’s buying power wasn’t strong enough to support the price at that level, which led to price drop below that crucial resistance level. We can now spot a new upwards sloping trend line forming since yesterday’s price surge. As shown by the blue trend line on the below chart, a bullish wave (green arrow) was followed by a bearish correction wave (red arrow) and we can expect price to rise again during the next few hours to test the resistance at $350. If bitcoin price settles above $350 within the next few hours, we can see it rise to test the resistance at $370 within the next 24-48 hours. The stochastic oscillator value has dropped to 46 as compared to yesterday’s value of 94, so investing in long positions now can have a convenient risk/reward ratio with take profit set at $350 and $370, with a stop loss of $330. bitcoin price, bitcoin analysis Is This a Rubber […]

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