Bitcoin Price Holds Rising Channel

By May 12, 2016Bitcoin Business

Bitcoin price has returned to $450 after retesting this week’s low. Local support is holding and the market has, so far, avoided additional lows.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here . Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis

Time of analysis: 17h00 UTC OKCoin BTC/USD 1-Hour Candle Chart

From the analysis pages of xbt.social, earlier today:

Price fell back to Tuesday’s lows, overnight, but snapped back to the vicinity of $450 during today’s trade.

Despite the rejection from upside resistance, price remains in an upward trajectory, as illustrated by the rising channel lines annotated in grey. Since the late-April low, the price chart has printed a series of higher lows.

The potential decline targets described in this week’s previous analysis posts, will only become applicable if price breaks below the rising channel line that’s currently running through $446 (Bitstamp).

RSI reverse divergence (magenta, second from top) coincided with a failure to push through the 200-hour moving average (red) and has caused price to drop back toward $450.If price finds support at the rising lower channel line then the market may attempt the upper trendline and the resistance zone again. Summary Bitcoin price holds its advancing trajectory. Support – in the form of a rising channel – is currently at $446 (Bitstamp). While price trades above the trendline, we can only assume another attempt on resistance at $470. Only if price breaks below, will decline to $440 and $425 come into focus. Bitfinex Depth Chart and Buy/Sell Volume What do readers think? Please comment below. This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here . Not a member? Join now and receive a $29 discount using […]

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