Bitcoin Price Weekly Analysis 28/2/2015 – Breaking Out of the Old Trend

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Bitcoin Price Weekly Analysis 28/2/2015 – Breaking Out of the Old Trend

The past week was full of action on the (BTC/USD) charts. Although the week started by a bearish wave that took bitcoin price down to around $231, a rather strong bullish wave took the price up to $263 yesterday. So, let’s take a look at the week’s charts to better understand the current market trend.

Let’s take a look the 4 hour Bitfinex (BTC/USD) charts from tradingview.com, plot the William’s Alligator indicator and draw Fibonacci retracements across a trend line that extends from the low recorded on the 22nd of February ($232) and the high recorded yesterday ($263) (look at at the below chart). We can conclude the following:

bitcoin price, bitcoin analysis

By studying the 1 day Bitfinex (BTC/USD) chart from tradingview.com, plotting the 20, 50 and 100 day EMAs, plotting the MACD indicator and executing the RSI (look at the below chart), we can conclude the following:

bitcoin price, bitcoin analysis

Conclusion:

Bitcoin price broke out of the bearish trend that has been controlling the market throughout the past few weeks. Our technical analysis is in favor of continuation of the new bullish trend so that we can see the price exceed $260 next week. Generally speaking, if the charts continue to display bullish signs, we can see the $300 resistance level tested during the upcoming couple of weeks.

Charts from bitfinex