Bitcoin Price Weekly Analysis – Crucial Trend Line Support

By January 17, 2016Bitcoin Business

Bitcoin Price Weekly Analysis Key Highlights

Bitcoin price failed to trade above the $500 level, and there was no daily close above the stated level this past week.

The price traded lower after the failure to break the stated resistance area, and moved below the $400 level.

In the last weekly analysis, I highlighted a triangle pattern on the daily chart with the data feed from HitBTC, which was cleared to ignite a downside move.

Bitcoin price may have created a short-term top around the $500 level, and it looks like the price may struggle to hold more losses moving ahead. Price at Critical Area?

Bitcoin price found it hard this past week to trade higher, especially above the $500 mark. There were sellers around the stated level aligned from a long time defending the upside move. Finally, they managed to push the price down. There was a contracting triangle pattern formed on the daily chart via the data feed from HitBTC, as highlighted in the past weekly analysis.

The highlighted triangle pattern was acting as a support area for the price, but once sellers managed to break it, the downside move was sharp. Bitcoin Price Weekly Analysis The price cracked the 23.6% Fib retracement level of the last wave from the $313 low to $479 high. Once there was a break, then there was no stopping sellers. They took the price closer to the 100-day simple moving average (data feed from HitBTC).

This is not all, as the 61.8% Fib retracement level of the last wave from the $313 low to $479 high was also cleared. Currently, the price is trading near a critical support area. There is a support trend line formed on the daily chart, which is acting as a hurdle for sellers.The best part is that the […]

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