ANALYSIS: BITCOIN PRICE BUMPING UP AGAINST RESISTANCE

The Bitcoin price is set to make another high as it approaches $500 in the coming trading sessions. Another marginal low may follow, but we are carefully watching the manner in which price makes its next high for clues that the decline may be over – and has been ‘over’ for several months.
Channeled Bitcoin Price Action
Bitstamp 15-Minute Chart
Price touched the lower channel trendline at label ’5′ on 2 September and bounced $15 higher within a few hours. Subsequent price action failed to make a lower low as price began moving sideways and up. By last night, it was clear that a break-out was imminent and a few hours into the US trading session, price kissed the 15-minute 200-period moving average goodbye and surged over $17 in a few minutes.

This post was published at Crypto Coins News on 05/09/2014.