Bitcoin price chart Key Highlights
Bitcoin price this past week traded as high as $460 before finding sellers around the stated level.
The price is currently moving lower and heading towards a major support area at $439 if we looks at the 2-hours chart via the data feed from Bitstamp.
There is also a major triangle pattern formed if we consider a higher timeframe like the daily chart with the data feed from
Bitcoin price may be heading towards a crucial support area of $444, which can be considered as a buy area in the near term. Buy Dips ?
Bitcoin price this past week surged higher and traded near $460 where sellers appeared to defend more gains . The price after a failure to break the stated level started correcting lower. It already moved down and tested the 50% Fib retracement level of the last wave from the $26 low to $460 high. Let us see whether the 50% Fib level can protect a downside break or not. However, there is a major support forming near the 61.8% Fib retracement level of the last wave from the $426 low to $460 high, which is coinciding with the 100 simple moving average (H2). Bitcoin price chart Moreover, there is a bullish trend line formed as well on the 2-hours chart via the data feed from Bitstamp. The highlighted trend line acted as a barrier for sellers on many occasions. So, if the 100 simple moving average (H2) fails to hold, then the trend line and support area may come into play. Overall, looking at the 2-hours chart, we can say that buying dips may be a good idea. The 2-hours RSI is around the oversold readings, which means there is a chance of buyers appearing and defending more losses.
Let’s […]
