Bitcoin Price Technical Analysis for 12/2/2015 – Repetitive Pattern

Bitcoin price attempted to rise away from the $220 support level and the price recorded a high of $224.34 earlier today before trading sideways to $220 during the rest of the day. By studying the 1 hour Bitfinex (BTC/USD) charts from tradingview.com (look at the below chart), we can understand today’s trading pattern. Bitcoin price increased from $220.73 to $224.34 before falling down again to test the $220 support level earlier today. The $220 support level reversed the bearish wave driving the price upwards again to over $223. At the time of the writing of this article, bitcoin price dropped below $220 to $218.53; however, we are likely to see the price rise up above the $220 support, and what we are seeing now can be nothing more than another ‘overshoot below support’ behavior.

This post was published at NewsBTC on February 12, 2015.